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Eastern Commercial Leasing Public : Approval of Related Party Transaction Parking Space Lease

08/11/2022 | 07:48am EDT

Sor Kor. 29/65

11 August, 2022

To the Attention of

The Manager and Director of

the Securities Exchange of Thailand

Subject

Approval of Related Party Transaction

- Parking Space Lease

Attachment

Information relating to Related Party Transaction

- The Company shall enter into a space lease agreement From

Mr.Prapakorn Veerapong

On 11 August 2022, the Board of Directors of Eastern Commercial Leasing PLC convened its meeting number 3/2565 at 10.30 o'clock. Resolution of the Board relating to subject may be summarized below;

The Board passed resolution approving for the Company to renew enter into space lease agreement with Mr.Prapakorn Veerapong. The landlord is to be utilized as parking space for repossessed vehicles for a 2-year tenor commencing from 1 September 2022 to 31 August 2024 for value of lease amounting to Baht 1,164,126.24 The lease transaction is considered related party transaction in accordance with announcement of the Securities Exchange of Thailand with detailed information per the enclosed document.

Please be so advised.

Sincerely Yours,

Mrs. Duangrat Jaengmongkol

Director and Company Secretary

ATTACHMENT

Information summary of Related party transaction Reporting Entity: Eastern Commercial Leasing PLC

Subject: Parking Space Lease Agreement with Mr.Prapakorn Veerapong

1.

Date of transaction

11 August 2022

2.

Contracting parties

Lessee

Eastern Commercial Leasing PLC

Lessor

Mr.Prapakorn Veerapong

Lessor's Business

The landlord

Relationship

Authorized directors of Eastern Commercial Leasing PLC (ref ECL),

and concurrently shareholders holding 44,348,480 shares

accounting for 4.00 of ECL's issued and paid up capital

  1. Nature of transaction
    ECL shall renew enter into the space lease agreement for land space part of area totaling 280 square wah located at Wang Tong Lang Sub-District, Bangkapi District, Bangkok, to be utilized as parking space for repossessed vehicles and for other purposes for a 2 years commending from 1 September 2022 to 31 August 2024 with rental payable monthly.
  2. Total value of transaction and basis for determination of transaction value

Year

Monthly

Annual

Rental (Baht)

Rental (Baht)

1

48,505.26

582,063.12

2

48,505.26

582,063.12

2-Year

Total Rental

1,164,126.24

Size of Transaction

=

Value of Transaction / Net Tangible Assets x 100

  • THB 1,164,126.24 / THB 1,782,128,209.06 x 100
  • 0.07% ( Remark : NTA as at June 30, 2022)

5. Names of related parties or directors with conflicting interest Name of director with conflicting interest namely:

ECL

Mr.Danucha

Veerapong, Authorized director,

Tenant

and Chairman of the Executive Committee

Mr.prapakorn

Veerapong, Authorized director,

Tenant

and Managing Director

The landlord

Mr.prapakorn

Veerapong, Authorized director

Landlord

  1. Meeting attendance and voting in the Board of Directors' meeting of the director with conflicting interest
    Director with conflicting interest per 5. above did not attend the meeting and did not vote in the Board meeting for the concerned agenda.
  2. Nature and scope of conflicting interest of the related parties in agreeing to enter into the transactions
    The transaction valued at Baht 1,164,126.24 which was in excess of Baht 1 million but being less than Baht 20 million or accounting for 0.07% which was in excess 0.03% but less than 3% of net tangible asset of the Company thus qualifying as related transaction in accordance with announcement of the Securities Exchange of Thailand, Subject: Disclosure and operations of listed companies concerning related party transaction, classified as short term lease of real estate. This is a significant size. The Company must accordingly disclose information to the SET.
  3. The Audit Committee and the Board's opinion relating to the decision to enter into the transaction
    It is necessary to lease parking space for repossessed vehicles and for other purposes as a part business operation. Rent of the landlord to offer Year 1 and Year 2 = 48,505.26 Baht/monthly. It is reasonable of rent and is a transaction that occurs according to the market price or fair price. The conditions of agreement would be the same as agreement with other party in the normal course of business.
  4. The Audit Committee's opinion and/or directors' opinion which are different from that of the Board of Directors in 8 above.
    • None -

Disclaimer

Eastern Commercial Leasing pcl published this content on 11 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2022 11:45:58 UTC.


© Publicnow 2022
Stocks mentioned in the article
ChangeLast1st jan.
EASTERN COMMERCIAL LEASING PUBLIC COMPANY LIMITED -2.44% 2.4 End-of-day quote.-17.24%
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