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Thai Finance Agency Poised to Earn Profit from Company's Warrants.

Bangkok Post (Bangkok, Thailand)

| June 01, 2002 | COPYRIGHT 2002 Bangkok Post. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Nuntawun Polkuamdee

Jun. 1--Tisco Finance Plc will be the first financial institution in which the Finance Ministry has not lost money, according to an industry source.

In extending a lifeline to the company in 1999, the ministry subscribed to 300 million covered warrants units (Tisco-C1), while another 300 million were subscribed by other investors.

The ministry was left with 13 million units of Tisco-C1 early this month. It can convert the covered warrants to preferred shares at 11.20 baht per share, which was lower than than the prevailing market price, said the source. Tisco shares closed yesterday at 26.50 baht.

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