8 Capital and Shareholding

  8.1 Securities of the Company

-   The company has a registered and fully paid-up capital of Baht
    846,701,430 divided into 84,670,143 ordinary shares.

-   Shares of the Company of which the rights and conditions are
    different from ordinary shares – None.

-   The Company is participating in the Thai Trust Fund Scheme and has
    consented to the Thai Trust Fund’s investment in and holding of the
    Company’s shares in the amount not exceeding 20% of the total issued
    and paid-up shares of the Company.

-   Debentures, notes, convertible securities, debt instruments, etc.
    issued by the Company – None.

-   Shareholding agreement among the major shareholders, to which the
    Company is a party, which has an effect on the issue and offer for
    sale of securities or business operations of the Company – None.

  8.2 Shareholders

  Major shareholders as at the last share register book-closing on 31
  January 2003.

+------------------------------------------+------------+-------------+
| Name of Shareholders                     | No. of     | % of        |
|                                          |            | S           |
|                                          | Sh         | hareholding |
|                                          | areholding |             |
+------------------------------------------+------------+-------------+
| 1.  Banyan Tree Holdings Pte Ltd         | 31,448,389 | 37.14       |
+------------------------------------------+------------+-------------+
| 2.  Thai Wah Public Company Limited      | 29,447,324 | 34.78       |
+------------------------------------------+------------+-------------+
| 3.  Thai Trust Fund                      | 6,987,866  | 8.25        |
+------------------------------------------+------------+-------------+
| 4.  DBS Vickers Securities (Singapore)   | 6,781,760  | 8.01        |
|     Pte Ltd                              |            |             |
+------------------------------------------+------------+-------------+
| 5.  Mr. Suvit Laohapholwattana           | 1,203,500  | 1.42        |
+------------------------------------------+------------+-------------+
| 6.  Goldman Sachs & Co                   | 1,001,300  | 1.18        |
+------------------------------------------+------------+-------------+
| 7.  Gerlach & Co-Dimensional Emerging    | 545,800    | 0.64        |
|     Markets                              |            |             |
|     Value Fund Inc.                      |            |             |
+------------------------------------------+------------+-------------+
| 8.  Dusit Thani Public Co., Ltd.         | 500,000    | 0.59        |
+------------------------------------------+------------+-------------+
| 9.  Kim Eng Ong Securities Pte Ltd       | 421,105    | 0.50        |
+------------------------------------------+------------+-------------+
| 10. Other Minority Shareholders          | 6,333,099  | 7.48        |
+------------------------------------------+------------+-------------+
| Total                                    | 84,670,143 | 100.00      |
+------------------------------------------+------------+-------------+

  8.3 Dividend policy of the company

  The dividend policy of the company is structured into 2 components as
  follows:

-   a fixed component amounting to one third of net earnings profit for
    the year attributable to its shareholders; and

-   a variable component subject to the board of directors' discretion
    on the availability of cash after taking into account major capital
    expenditure and debt repayment obligations in the following year.