8. Capital Structure

1.  Securities issued by the Company

-   Debt Securities: None

-   Equity Securities:

  Authorized Shares: 300 million ordinary shares with the par value of
  Baht 10 per share.

  Shares repurchased and

  Held in treasury: 12.5 million ordinary shares

  Issued and

  Outstanding Shares: 237.5 million ordinary shares

-   Derivatives: None

  8.2 Shareholders of the Company

The top 10 major shareholders are the following:

+-------------------------------------------------------+---------+----+
| Shareholders                                          | Number  | S  |
|                                                       | of      | ta |
|                                                       | Shares  | ke |
|                                                       | Held    | (  |
|                                                       |         | %) |
+-------------------------------------------------------+---------+----+
| 1)  The Group of the Ratanaraks and Sunrise Equity    | 86,     | 3  |
|     Company Limited                                   | 484,076 | 4. |
|                                                       |         | 59 |
+-------------------------------------------------------+---------+----+
| 2)  Thai Roc-Cem Company Limited                      | 77,     | 3  |
|                                                       | 628,433 | 1. |
|                                                       |         | 05 |
+-------------------------------------------------------+---------+----+
| 3)  Albouys Nominees Limited                          | 8,      | 3. |
|                                                       | 339,800 | 33 |
+-------------------------------------------------------+---------+----+
| 4)  Parkmix Limited-JPMSAPL Client A/C                | 7,      | 2. |
|                                                       | 051,100 | 82 |
+-------------------------------------------------------+---------+----+
| 5)  Ayudhya Insurance Public Company Limited          | 4,      | 1. |
|                                                       | 068,800 | 63 |
+-------------------------------------------------------+---------+----+
| 6)  Littledown Nominees Limited 9                     | 3,      | 1. |
|                                                       | 096,924 | 24 |
+-------------------------------------------------------+---------+----+
| 7)  HSBC (Singapore) Nominees PTE Limited             | 3,      | 1. |
|                                                       | 004,880 | 20 |
+-------------------------------------------------------+---------+----+
| 8)  Government Pension Fund                           | 2,      | 0. |
|                                                       | 256,700 | 90 |
+-------------------------------------------------------+---------+----+
| 9)  Vayupak Mutual fund I, by MFC Asset Management    | 2,      | 0. |
|     Public Company Limited                            | 254,000 | 90 |
+-------------------------------------------------------+---------+----+
| 10) Vayupak Mutual fund I, by Krungthai Asset         | 2,      | 0. |
|     Management Public Company Limited                 | 254,000 | 90 |
+-------------------------------------------------------+---------+----+

Remark: 1) According to the SEC’s regulation, the shareholder list was
rearranged by treating the shareholders who are de facto deemed to be in
the same group as one shareholder and the ranking is conducted
accordingly. Such rearrangement was made on the basis of the information
appearing on the list of shareholders of the Company as of 20^(th)
September 2004;

2)  The shareholders deemed belonging to the Group of Sunrise Equity
      Company Limited and the Ratanaraks are as follows:

+-------------------------------------+--------------------+----------+
| Shareholder                         | No. of Shares held | % Stake  |
+-------------------------------------+--------------------+----------+
| 1.  Miss Suthida Ratanarak          | 882,027            | 0.35     |
+-------------------------------------+--------------------+----------+
| 2.  Mr. Chaun Ratanarak             | 116,428            | 0.05     |
+-------------------------------------+--------------------+----------+
| 3.  Miss Pilarnuj Ratanarak         | 1,439,742          | 0.58     |
+-------------------------------------+--------------------+----------+
| 4.  Mrs.Sasithorn Ratanarak         | 2,085,040          | 0.83     |
+-------------------------------------+--------------------+----------+
| 5.  Mr. Krit Ratanarak              | 5,860              | 0.002    |
+-------------------------------------+--------------------+----------+
| 6.  Mr. Chatchon Ratanarak          | 941,700            | 0.38     |
+-------------------------------------+--------------------+----------+
| 7.  Miss Chituma Ratanarak          | 637,050            | 0.25     |
+-------------------------------------+--------------------+----------+
| 8.  Miss Tatchamas Ratanarak        | 310,389            | 0.12     |
+-------------------------------------+--------------------+----------+
| 9.  Sunrise Equity Company Limited  | 80,065,840         | 32.03    |
+-------------------------------------+--------------------+----------+

  The major shareholder of Sunrise Equity Company Limited is the group
  of Ratanaraks.

3)  Major shareholder of Thai Roc-Cem Company Limited is Holderfin B.V.,
      which holds about 49% stake. Holderfin B.V. is a member of the
      Holcim group of companies.

  8.3 Dividend Payment Policy

    Dividend payout each year would normally depend on the Company’s
    financial performance and the need of the Company for cash. In the
    past three years after the recovery from the financial crisis
    suffered by East and Southeast Asian economies, the dividends paid
    out by the Company in 2001, 2002 and 2003 were Baht 7, 8 and 9,
    respectively. In 2004, a Baht 6 per share interim dividend for the
    1^(st) half of 2004 was paid in October. A final dividend of Baht 7
    per share for the second half of 2004 is to be proposed to the
    shareholders at the 2005 Annual General Meeting for approval.