Successful Buy-Back by TelecomAsia of Yen-Denominated Notes

Telecommunication Press Releases วันพฤหัสบดีที่ ๒ มกราคม พ.ศ. ๒๕๔๖ ๑๓:๒๗ น.

Bangkok--Jan 2--TA

TelecomAsia today announced that it has successfully bought back Yen-denominated deferred payment notes amounting to more than Baht 3.6 billion (Yen 10.1 billion).

The Baht 679 million buy-back, at 18.7 percent of the book value of the loans, will result in a gain to TelecomAsia of about Baht 2.9 billion in fourth quarter 2002 financial results.

The 17-year loans at two percent interest per annum were due to mature in 2017.

This transaction was completed on December 27 and will enable the company to maximize its tax benefits as the gain will be fully offset against tax losses carried forward from previous years.

Mr. Supachai Chearavanont, President and Chief Executive Officer of TelecomAsia, said the transaction was a significant step forward for TelecomAsia in reducing its debt and foreign exchange exposure.

"Our strong cash flows and support from our secured creditors have enabled us to prepay this Yen-denominated debt at an 81.3 percent discount to its book value and book a significant gain " Mr. Supachai said.

Public Relations Department TA 001(02/01/2546)

For more information: Mrs. Parichart / Ms. Visa

Tel. 0-2699-2055, 0-2699-2057

Fax 0-2699-4909 End.

-SN-

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