13 December 2019
Re : Disclosure of Information regarding Connected Transaction : Short-Term Lease not exceeding 3 years
To : President
The Stock Exchange of Thailand
The Board of Director's Meeting of BEC World Public Company Limited (the "Company") in the Meeting No.17/2019 held on 13 December 2 0 1 9 has approved the BEC-Tero Radio Company Limited to renew their Office Lease Agreement at the Maleenont Tower. As the said renewal of the Lease Agreements is deemed as a connected transaction of the Company, the Company shall report and disclose the related information as follows:
Transaction contract 3 years
Date of Transaction :
Floor Building 23: From 15 December 2019 - 14 December 2022 (1,123.42 sqm.)
Parties : Transaction between Listed Company and Connected Person Lessee : BEC-Tero Radio Company Limited
Lessor : Millionaire Property Fund (the "Property Fund") General Details of Transaction :
The Company and its subsidiaries intended to renew the Lease Agreement of Maleenont Tower with the Property Fund having details of the said renewal as follows :
- Details of Building : Maleenont Tower 1 , Floors 23
Located at No. 3199 Maleenont Tower, Rama IV Road , Klongton, Klongtoey, Bangkok 10110
- Size of Leased Premises : Total area of 3 years 1,123.42 sq.m.
- Term : 3 years and having an option to renew for another 3 years
- Rental Rate:
First Year | 240 | Baht/Sq.m./month |
2nd- 3rd Year | 270 | Baht/Sq.m./month |
- Other Conditions : As indicated in the previous Lease Agreement
Total Value of the Transaction : (exclusive of common service fee, expenses for water supply and electricity, household and land tax, other related taxes and expenses, etc.) The total rent for the whole three years lease term amounted to Baht 10,515,211.20 .
Details of Connected Person:
- Name of the Connected Person ; Millionaire Property Fund ("the Property Fund"]
- Relationship:
Maleenont group are the management and the majority shareholders of the Company and also the shareholders of Maleenont Tower Co., Ltd. Maleenont Tower Co., Ltd. is the investment unit holder of the Property Fund holding more than 10% of the total issued investment units. The Property Fund has appointed Maleenont Tower Co., Ltd.to manage the property under the Property Management Agreement.
Directors who have Interests:
The directors who have Interests were not present at the Meeting and did not have the right to vote in the Agenda for approval of this connected transaction,
Opinion of the Board of Directors concerning the Transaction:
The Board of Directors considered and opined that the entering into the connected transaction is based on a reasonable ground and supportive reasons. The said rental rate is at the same level with the market rates of the comparable buildings within the adjacent area. Also, if compared to the rental rate as proposed by the Property Fund to other lessees in the Building, the Company's rental rates are more favorable. Therefore, the Board of Directors has approved the Company to enter into this transaction as this will be in the best interest of the Company.
In addition, there is no opinion of any other directors or audit committee members which is different from the opinion of the Board of Directors as stated above.
Please be informed accordingly.
Sincerely yours,
(Piriyadit Choophungart)
Chief Financial Officer
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BEC World pcl published this content on 16 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2019 01:10:01 UTC