Avacom: Clarification on sale of stake in Avacom Net
Subject: Clarifications on the sale of stake in Avacom Net Public Company Ltd
Further to the announcement dated 30/8/2007 on the aforementioned issue, Avacom Public Company Ltd would like to clarify that:
There was no profit or loss from the sale of stake in Avacom Net Public Company Ltd since the sale was carried out on the basis of the net asset value of Avacom Net Public Company Ltd.
Due to the fact that after the sale, the stake of Avacom Public Company Ltd in Avacom Net Public Company Ltd fell below 20%, the results of Avacom Net Public Company Ltd will not be incorporated in the financial statements of the Company but only the profit and loss share. The sale is expected to reduce the Company’s turnover in the next financial statements but it will improve the profit and loss account.
Further to the announcement dated 30/8/2007 on the aforementioned issue, Avacom Public Company Ltd would like to clarify that:
There was no profit or loss from the sale of stake in Avacom Net Public Company Ltd since the sale was carried out on the basis of the net asset value of Avacom Net Public Company Ltd.
Due to the fact that after the sale, the stake of Avacom Public Company Ltd in Avacom Net Public Company Ltd fell below 20%, the results of Avacom Net Public Company Ltd will not be incorporated in the financial statements of the Company but only the profit and loss share. The sale is expected to reduce the Company’s turnover in the next financial statements but it will improve the profit and loss account.
