THAI Holds Annual General Shareholders` Meeting 2001

20 December 2001,Thai Airways International Public Company Limited held its Annual General Shareholders` Meeting today, chaired by Mr. Virabongsa Ramangkura, THAI`s Chairman and Acting President, at the airline`s Head Office on Vibhavadi Rangsit Road. Participants included members of THAI`s Board of Directors, the airline management, senior executives, and shareholders, and the following issues were discussed:


1. THAI`s Financial Results 2000/2001 were reported as follows:
THAI achieved a total revenue of 130,576 million baht during financial year 2000/2001 (October 2000 - September 2001) and a net profit of 1,929 million baht. When compared to the same period last year, the net profit decreased by 2,788 million baht or 59.11 percent. Net profit was equivalent to 1.38 baht per share, which last year was 3.37 baht per share, due to increased fuel cost. Fuel and oil expenses increased by 5,630 million baht, due to the higher cost of fuel in the world market and weakening of Thai baht. In addition, losses were incurred due to changes in the value of company loans made in foreign currency amounting to 3,910 million baht, an increase of 609 million baht when compared to the same period last year. Accumulated losses, adjusted from the net profit, amounted to 7,255 million baht. According to the State Enterprise Act, Clause 115, payment of dividends is prohibited when the company has accumulated losses; therefore, dividend payment was suspended for this year.


2. Appointment of New Members of THAI`s Board of Directors


Following the resignation of THAI`s previous Board of Directors from their positions on 17 December 2001, in order to prepare for selection of THAI`s new Board, the Board of Directors has been appointed. THAI`s new Board of Directors held a meeting to select the Chairman and Vice Chairmen, as follows:


1. Mr. Virabongsa Ramangkura Chairman
2. Mr. Srisook Chandrangsu 1st Vice Chairman
Permanent Secretary, Ministry of Transport and Communications
3. Mr. Somchainuk Engtrakul 2nd Vice Chairman
Permanent Secretary, Ministry of Finance
4. Mr. Chai-anan Samudavanija Director
Director, Vajiravudh College
5. Mr. Viroj Nualkhair Director
President, Krungthai Bank Public Company Limited
6. Mr. Thanong Bidaya Director
Economic Advisor to the Prime Minister, Office of the Prime Minister
7. Mr. Wissanu Krea-ngam Director
Secretary-General to the Cabinet
8. Khunying Sasima Srivikorn Director
Chairman, Golden Land Property Development Public Company Limited
9. Mr. Borwornsak Uwanno Director
Secretary General, King Prajadhipok`s Institute
10. Mr. Olarn Chaipravat Director
Director & Advisor to the Management Board, Siam Commercial Bank Public Company Limited
11. Mr. Vichit Suraphongchai Director
Chairman of the Executive Committee, Siam Commercial Bank Public Company Limited
12. Pol. Gen. Sant Sarutanond Director
Commissioner-General, Royal Thai Police
13. Mr. Chartsiri Sophonpanich Director
President, Bangkok Bank Public Company Limited
14. ACM Terdsak Sujjaruk Director
Deputy Commander-in-Chief, Royal Thai Air Force

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The appointment of THAI`s Board of Directors takes immediate effect. Attending THAI`s Annual General Shareholders` Meeting were 816 shareholders, representing 1,306,052,876 million shares.


In addition, THAI`s Board of Directors has approved of the appointment of Mr. Kobchai Srivilas, Managing Director of Technical Services, as Acting President of Thai Airways International Public Company Limited, Acting Secretary of THAI`s Board of Directors, and THAI`s Acting Spokesman, in addition to his present position, until a new President is officially selected.

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