information memorandum relating to acquisition of assets...
TRANSCRIPT
Enclosure No. 4
1
Information Memorandum relating to Acquisition of Assets and Connected Transaction
of
Sea Oil Public Company Limited
(Schedule 2)
1. Disclosed Information Memorandum under Schedule 1
The information memorandum relating to acquisition of assets and connected transaction of Sea Oil Public Company Limited dated 10 November 2016 is set out in the Enclosure No. 3.
2. Accountability of Board of Directors for Information Memorandum Sent to Shareholders
We, Mr. Apisit Rujikeiatkumjorn and Ms. Neeracha Panbunhom, as the authorized directors of the Company have reviewed the information in the information memorandum with diligence. We also certify that the information in this information memorandum is true and complete, contains no false statements, does not mislead and has sufficient information in material aspects which should have been notified.
3. Qualification of Independent Financial Adviser Who Has presented Analysis relating to Transaction
The Company has appointed IV Global Public Company Limited as the independent financial adviser (IFA), which has been approved by the Office of Securities and Exchange Commission to render its analysis relating to the acquisition of all shares in solar power plant business held by Sunny Phume Co., Ltd. The IFA does not hold shares in and has no relationship with the Company in any way. The IFA also allows the Company to distribute its analysis relating to the transaction dated 9 December 2016 as per the details set out in IFA report attached to the notice of the Extraordinary General Meeting of Shareholders No. 1/2016.
4. Liabilities
4.1 Total Amount of Issued and Unissued Debt Instrument
As at 30 September 2016, the Company has the Debentures No. 1/2015 with maturity date on 15 September 2017 in the amount of Baht 1,000,000,000
4.2 Total Amount of Term Loan of the Company and Subsidiaries including Relevant Collateral
None
4.3 Total Amount of Other Liabilities of Company and Subsidiaries including Relevant Collateral
Baht 9,171,135.00
4.4 Contingent Liabilities
None
5. Information relating to Company
5.1 Summary of Information relating to Company and Subsidiary and Business Operation
Sea Oil Public Company Limited (Company) is the company within Nathalin Group and registered its incorporation as juristic person on 26 May 1997 with the registered capital
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of Baht 1,000,000. The Company became the listed company on and had its shares traded on the Market for Alternative Investment on 5 September 2013. As at 30 September 2016, the Company’s total registered capital and registered paid up capital equal to Baht 417,036,710 and Baht 415,120,281, respectively.
The Company has 2 core businesses as follows:
(1) Business of Distribution of Fuel Oil and Lubricant to Clients in Land and by Sea
The Company sells fuel and lubricants upon specific requirements of its customers. The customers issue specifications of fuel and lubricants. Upon receiving orders from customers, the Company will supply products according to requirements of the customers which was sourced from major oil producers or traders, for example, PTT Plc., The Shell Company of Thailand, Bangchak Petroleum Plc., Chevron Thailand, IRPC Plc. and Thaioil Plc. In case the customers require transportation service, the Company will hire qualified independent transporters to deliver the products to the specified destination. Bunker barge will carry products to the customers anchored off the coast. For the customers anchored at sea port, truck or bunker barge will be used to deliver products. Truck is used as vehicle to carry product to the onshore customers. The followings are products that the Company sells.
a) Fuel is divided into three types as follows:
High Speed Diesel is the type of fuel that is sold most in Thailand. During 2013 to 2015, high speed diesel was accounted for 56.75 per cent and 55.19 per cent of the total fuel sold in the country, respectively (Source: Department of Energy Business, Ministry of Energy) because it is suitable for used in Diesel Engine of 1000RPM or above such as oil vessels, fishing boats, passenger boats, pick-up trucks, trucks, buses, engines or machines used in agriculture and machines used in industrial factories.
Fuel Oil is the most important type of fuel in the industry because it is cheap, easy to use, and generates high heat with no ash. Fuel Oil helps reduce sulfur dioxide emitted into the air due to combustion. Among the various products derived from petroleum oil, fuel oil is the cheapest. Due to its characteristics, fuel oil is suitable for boat engines and boilers in industrial factories. Fuel Oil may also be used with large diesel engines of slow to medium speed which are used to drive vessels and electricity generator. In 2013 to 2015, the sales volume of fuel oil accounted for approximately 5.85, 5.57 and 5.14 per cent of all fuels sold in the country, respectively (source: Department of Energy. Ministry of Energy).
Gasoline is the fuel that evaporates easily. It is a combination of several types of light oils at an appropriate ratio and improved with various additives to reach the quality of the oil as prescribed in the requirement of Ministry of Energy. Gasoline is suitable for use with gasoline engines of internal combustion engines with a spark plug to ignite the engine. Gasoline is divided into categories based on the value of octane including Octane 91 and Octane 95. In 2013 to 2015, the sales volume of gasoline accounted for approximately 22.34, 23.01 and 23.01 per cent of all fuel sold in the country, respectively (source: Department of Energy. Ministry of Energy).
The Company sells gasoline to orders of customers who are fuel traders in foreign countries by procuring gasoline from other countries to supply to foreign customers such as customers from Cambodia.
The Company has now been registered as a fuel trader in accordance with section 10 of the Fuel Trade Act B.E. 2543. The oil traders under Section 10 are the traders whose sales volume of each type of fuel or a combined sales of all types
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of fuel totals to 30,000 metric tons (approximately 36 million liters), but not exceeding 100,000 metric tons (approximately 120 million liters), or in case of LPG trades, whose sales volume of a single type of LPG is 30,000 metric tons but not exceeding 50,000 metric tons per year, or whose tank can store each type of fuel or combined fuel of more than 200,000 liters. Annual sales volume of fuel refers to the volume of each type of fuel imported in the country, purchased, produced, or refined in each year excluding the volume procured as legal reserve.
b) Lubricant
Lubricant contains two important components - base oil and additive. Oil is used to reduce friction of the object in friction and by its properties, it can flow through various points which help transfer the heat of the engine and machines, coat gaps between touching surfaces, wash the soot and metal particles off the engine, prevent corrosion from rust and acid, and prevent leak of engine compression ratio. There are several types of lubricants, each of which is suitable for use in different engines or machines.
The Company sells lubricants for use with engines such as engine lubricant, transmission oil, hydraulic oil, lubricant for main engine), turbine and compressor lubricants.
(2) Catering and Housekeeping Service, General Supply and other services
The Company operates two types of service businesses:
a) Catering and Housekeeping Service – This service is offered to permanent employees who work in oil and gas drilling business on an accommodation barge, an accommodation rig and an onshore and offshore oil and gas drilling rigs. The catering and housekeeping service is divided as follows:
- Catering service for residents and visitors and meal boxes for employees working outside the accommodation barge;
- Housekeeping service, preparation of equipment and tools, pest control service, garbage management for common areas and living quarters according to hygiene standard;
- Laundry, cleaning, and organizing bed sheets, pillow covers, blankets, towels, bed, and ironing service to residents and visitors.
The Company subcontracts such services on accommodation barge to Nathalin Offshore Company Limited, the concessionaire for accommodation barges.
b) General supply of food ingredients and related services
This business is built on catering and service which supplies ingredients for food preparation, procurement of supplies and services for the marine and oil drilling rig, such as food, water, tools, etc. The Company provides raw material for use in preparation of food supplies and other goods or services according to customers’ required quality and hygiene for various vessels and oil drilling rigs, which need food and consumable supplies throughout the operation.
Currently, the Company is qualified in the PTTEP’s vendor list to provide Catering and Service in the designated territories, thus, it is able to bid for Catering and Service itself. The Company has also been contracted by PTTEP as a certified vendor for Catering and Housekeeping Service as follows.
- In July 2013, the Company was contracted for Catering and Housekeeping Service at PTTEP production Station, Sirikit Oil Field at Lankrabue, Kampaengphet Province.
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- In February 2014, the Company was contracted by PTTEP for Offshore Catering, Laundry, Cleaning and Housekeeping Services for PTTEP’s employees stationed at oil drilling rigs in the Gulf of Thailand.
The Company subcontracts catering and housekeeping service to Hadsadin Catering Co., Ltd who prepares and supplies food and laundry service due to its experience in the food service business, housekeeping, and laundry as well as being equipped with personnel, equipment, machines for providing quality service.
Shareholding Structure of the Company as at 30 September 2016
Details of Subsidiaries and Related Companies
Currently, the Company holds shares in 4 different subsidiaries, which are divided as per its nature of business as follows:
Names of Companies Nature of Business Shareholding Percentage
%
Registered Paid Up Capital
1. Sea Oil Energy Limited Investing in other companies 100.00 USD 1
2. Sea Oil Offshore Limited Distribuing fuel and other related products
100.00 USD 30,000
3. Sea Oil Petroleum Pte.Ltd. Distributing fuel and other related products
75.00 USD 1,000,000
4. Nakornchaiprakarn Chemical Co., Ltd.
Producing and distributing solvent and related products
100.00 THB 150,000,000
5. Pan Orient Energy (Siam) Ltd.
Exploring, developing and producing petroleum and natural gas
49.99 USD 19,728
49.99%
Sea Oil PCL.
Sea Oil Energy Ltd. Sea Oil Offshore Ltd.
Sea Oil Petroleum Pte. Ltd.
Nakornchaiprakarn Chemical Co., Ltd.
Pan Orient Energy (Siam) Ltd.
100% 100% 100% 75%
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5.2 Summary Table of Consolidated Financial Statements of Company and Subsidiaries during Period between 2013 to 2015 and 9 month period Ended as at 30 September 2016
Dec 31, 2014 Dec 31, 2015 Dec 31, 2016
Million Baht Percent Million
Baht Percent Million Baht Percent
Assets
Current Assets
Cash and cash equivalent 549 44.75 342 15.77 294 12.84 Trade receivables and other receivables -net 627 51.13 410 18.90 494 21.59
Short term loans to related parties (subsidiaries) 0 0.00 0 0.00 0 0.00
Goods in transit 0 0.00 3 0.13 1 0.05
Other current assets 23 1.91 15 0.67 18 0.79
Total current assets 1,200 97.79 769 35.47 807 35.27
Non-current assets
Restricted bank deposits 0 0.00 0 0.00 1 0.03 Investment in subsidiary companies 0 0.00 0 0.00 0 0.00
Investment in associated companies 0 0.00 1,342 61.91 1,308 57.15
General Investments – related activities 18 1.43 18 0.81 18 0.77
Long-term loans to subsidiary companies 0 0.00 0 0.00 0 0.00
Equipments - net 3 0.23 6 0.27 126 5.49
Intangible assets - net 3 0.22 3 0.14 3 0.13
Deferred income tax assets 4 0.34 2 0.11 2 0.08
Other non-current assets 0 0.00 28 1.28 25 1.08
Total non-current assets 27 2.21 1,399 64.53 1,482 64.73
Total Assets 1,227 100.00 2,167 100.00 2,289 100.00
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Dec 31, 2014 Dec 31, 2015 Dec 31, 2016
Million Baht Percent Million
Baht Percent Million Baht Percent
Liabilities and shareholders’ equity
Current liabilities Short term loan from financial institutions - net 80 6.55 0 0.00 0 1.00
Accounts payable and other payable 56 4.57 75 3.46 123 5.37
Accrued corporate income tax 7 0.53 0 0.01 0 0.00 Debentures with one year of redemption period 998 43.59
Other current liabilities 3 0.25 14 0.66 6 0.26
Total current liabilities 146 11.90 89 4.13 1,126 49.22
Non - current liabilities
Debentures 0 0.00 996 45.97 0 0.00 Employees’ defined benefit obligation 2 0.18 3 0.13 3 0.15
Total non - current liabilities 2 0.18 999 46.10 3 0.15
Total liabilities 148 12.09 1,089 50.23 1,130 49.36
Shareholders’ equity
Authorized share capital 417,036,710 ordinary shares at Baht 1
315 25.68 379 17.49 417 18.22
Issued and Paid-up Share Capital 415,120,281 ordinary shares at Baht 1
210 17.12 360 16.61 415 18.14
Premium on share capital 162 13.20 582 26.85 656 28.67 Share subscription received in advance 525 42.80 0 0.00 0 1.00
Retained earnings Appropriated - Legal capital reserve 18 1.47 23 1.07 23 1.02
Unappropriated 162 13.23 114 5.24 59 2.58 Other components of shareholders’ equity 1 0.10 0 0.00 -1 -0.04
Total Parent Company Shareholders' Equity
1,078 87.91 1,079 49.77 1,153 50.37
Non-controlling interests. 0 0.00 0 0.00 6 0.27
Total shareholders’ equity 1,078 87.91 1,079 49.77 1,159 50.64 Total liabilities and shareholders’ equity 1,227 100.00 2,167 100.00 2,289 100.00
Encl
osur
e N
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7
Stat
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Encl
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8
D
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App
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Enclosure No. 4
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Statement of cash flow
Year 2014
Year 2015
Year 2015
(Jan - Sep)
Year 2016
(Jan - Sep)
Cash provided (used) from operating activities -20 184 194 -2
Cash provided (used) from investing activities -132 -1,260 -1,260 4
Cash provided (used) from financing activities 599 871 957 -45 Cash and cash equivalents increase (decrease)-net 447 -205 -109 -43
Cash and Cash Equivalents at beginning of the period 102 549 549 342
Profit (Loss) from exchange rate of Cash and Cash Equivalents 1 -2 1 -5
Cash and cash equivalents at ending of the period 549 342 441 294
Significant financial ratio
Liquidity Ratio Time 8.21 8.59 8.59 0.72 Gross profit margin % 7.26 10.36 9.31 8.42 Net profit margin % 2.78 0.23 -0.13 -0.61 Debt to Equity ratio Time 0.14 1.01 1.01 0.98
5.3 Explanation and Analysis Financial Position and Operating Results of Consolidated
Financial Statements
Operational result of the Company and its subsidiaries for the first 9-month of 2016
The Company and its subsidiaries had the total net loss of 16.63 million Baht decreasing from the first 9-month of 2015 in the amount of 14.02 million Baht due to the share of loss of Joint venture, decrease in gross margin, and increase in selling and administrative expenses
Income
- In the first 9-month of 2016, the total revenue from sales of fuel and lubricant (Marine) was at 2,490.05 million Baht, increasing from the first 9-month of 2015 in the amount of 689.03 million Baht or 38.26 percent increase
- In the first 9-month of 2016, the income from sales of fuel and lubricant (jobber) was at 129.99 million Baht, increasing from the first 9-month of 2015 in the amount of 59.44 million Baht or 84.27 percent increase
- In the first 9-month of 2016, the revenue from supply management was at 147.83 million Baht, decreasing from the first 9-month of 2015 in the amount of 26.00 million Baht or 14.90 percent decrease
- In the first 9-month of 2016, other revenue was at 2.16 million Baht or 0.08 percent of total revenue
Cost of Sales and Services and Gross Profit
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Total cost of sales for the first 9-month of 2016 was 2,536.84 million Baht, increasing from the first 9-month of 2015 in the amount of 680.65 million Baht 36.67 percent increase in accordance with an increase in sales of fuel and lubricant
- Cost of fuel and lubricant sales was 2,397.15 million Baht accounted for 91.49 percent of total revenue from fuel and lubricant sales. In the first 9-month of 2016, gross profit from sales of fuel and lubricant 222.87 million Baht, increasing from the first 9-month of 2015 in the amount of 44.28 million Baht or 24.79 percent increase
- Cost of services from supply management was 139.69 million Baht accounted for 94.49 percent of total revenue from supply management. In the first 9-month of 2016, gross profit from supply management was 8.15 million Baht, decreasing from the first 9-month of 2015 in the amount of 2.45 million Baht or 23.13 percent decrease
Selling Expenses and Administrative Expenses
- Selling expenses in the first 9-month of 2016 was 70.60 million Baht. Meanwhile, during the same period in the previous year was 57.22 million Baht, increasing in the amount of 13.37 million Baht
- Administrative Expenses in the first 9-month of 2016 was 80.13 million Baht. Meanwhile, during the same period in the previous year was 53.62 million Baht, increasing in the amount of 26.51 million Baht
Financial Costs
The Company and its subsidiaries had financial cost in the amount of 41.88 million Baht increased by 5.00 million Baht compared to the same period in the previous year
Financial Position of the Company and its subsidiaries
Assets
Total assets of the year 2016 was at 2,288.87 million Baht, increased from 2015 by 121.44 million Baht or 5.60% percent increase mainly due to an increase in the Property, Plant and Equipment from the purchase of 100% shares in Nakornchai Prakan Chemical Co., Ltd. with the details of key assets as follows:
Current Assets
Current assets in 2016 was 807.36 million Baht increased from 2015 by 38.47 million Baht or 5.00 percent increase with the details of key items as follows:
- Cash and cash equivalent in 2016 was 293.82 million Baht decreased from 2015 by 47.96 million Baht or 14.03 percent decrease
- Net trade and other receivables in 2016 was 494.27 million Baht increased from 2015 by 84.67 million Baht or 20.67 percent increase
- Investment in joint venture in 2016 was 1,308.15 million Baht decreased from 2015 by 33.78 million Baht or 2.52 percent decrease
Non-current Assets
Non-current assets in 2016 was 1,481.51 million Baht increased from 2015 by 82.96 million baht or 5.93 percent increase
Liabilities
Enclosure No. 4
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Total liabilities in 2016 was 1,129.81 million Baht increased from 2015 by 41.06 million Baht or 3.77 percent increase. In this respect, it consists of the current liabilities at 99.7 percent of total liabilities and the non-current liabilities at 0.29 percent, with the details of key liabilities as follows:
- Trade and other payables in 2016 was at 122.92 million Baht increased from 2015 by 47.85 million Baht or 63.74 percent increase
- Current portion of debentures in 2016 was 997.71 million Baht increase from 2015 by 997.71 million Baht or 100.00 percent increase as such debentures due in 15 September 2017
- The amount of debentures in 2016 was 0.00 million Baht decreased from 2015 by 996.43 million Baht or 100 percent decrease
Shareholders’ equity
Total shareholders’ equity in 2016 was 1,152.86 million Baht increase from 2015 by 74.20 million Baht or 6.88 percent increase due to the capital increase for share dividend by 37.91 million Baht from 379.12 million Baht in 2015 to 417.04 million Baht in 2016
Liquidity
For the first 9-month period of 2016, the Company and its subsidiaries had the cash flow used in operation at 2 million Baht in which the majority were from trade and other receivables and payables
Net cash flow generated from investing activities in the first 9-month period of 2016 was 4 million Baht in which the majority were from purchase of equipment and dividend received
Net cash flow used in financing activities in the first 9-month period of 2016 was 47.74 million Baht mainly driven by interest paid
From the above-mentioned factors, the Company and its subsidiaries had its cash and cash equivalents decreasing by 42.65 million Baht.
Key Financial Ratios
- Gross profit margin of the Company and its subsidiaries in the first 9-month period of 2016 was 8.42 percent, decreasing from the first 9-month period of 2015 at 9.31 percent with the major cause from decreased in number of offshore customers
- Net loss ratio of the Company and its subsidiaries in the first 9-month period of 2016 was 0.61 percent, increasing of the loss by 0.13 percent with the major cause from the share losses from investment in a joint venture and selling and administrative expenses as stated above.
- Current ratio of the Company and its subsidiaries in the first 9-month period of 2016 was 0.72 time, decreasing from 2015 at 8.59 time with the major cause from debenture which due in 15 September 2017
- Debt to equity ratio of the Company and its subsidiaries in the first 9-month period of 2016 was 0.98 time, decreasing from 2015 at 1.01 time
Enclosure No. 4
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5.4 Risk Factors Which May Adversely Affect Profit The Company has already clarified the risk factors related to the solar power plant business which the Company believes to be material. However, there may be other risks that is not anticipated or other risks that the Company considers to have no adverse impact to the business and its financial performance.
5.4.1 Risks relating to Electricity Generation Capacity
The Company views that the capacity to produce electricity of the solar power plant depends on two key parts – efficiency of the solar cells and loss during production. However, the 10 solar power plant projects received under the business transfer are using solar cells of Trina, a leader in and a producer of highly efficient solar cells of global recognition. Such projects also have SCADA that reports the daily volume of solar energy which enables the Company to quickly repair damaged equipment or equipment of reduced efficiency. In addition, from the commencement of Commercial Operation Date, there is no issue which would adversely cause the significant reduction of electricity production capacity
5.4.2 Risks relating to Electricity Sale The Company entered into electricity sale agreements with The Provincial Electricity Authority and The Metropolitan Electricity Authority for sale of electricity generated by the 10 solar power plant projects at the volume specified in each agreement. Such agreements expire on 31 December 2038 or 25 years from the Schedule Commercial Operation Date (SCOD). During such agreement term, The Provincial Electricity Authority has no right to terminate the agreement if the Company fulfills its obligations under the agreement. Therefore, according to such agreements, there is no risk if the power plants generate electricity in the specified volume. Being a party to the agreements entered into with the government agency also guarantees the payment.
5.5 Financial Projection of This Year - N/A –
5.6 List of Names of Directors of Company
No. Names Position
1. Mr. Apisit Rujikeatkamjorn Chairman
2. Mr. Taweep Soontornsingha Vice chairman / Independent director / Audit committee /Chairman of the nomination and compensation committee / Chairman of the Corporate Governance committee
3. Assoc. Prof. Dr. Ruth Banomyong
Independent director/ Chairman of the audit committee
4. Dr. Chalermwit Chimtragoon Independent director/ Chairman of the audit committee / Nomination and compensation committee Corporate Governance committee
5. Mr. Suraphon Meesathien Director / Nomination and compensation committee Corporate Governance committee
6. Mr. Prompong Chaisrisawatsuk Director
7. Mrs. Suthida Karuedetkosol Director / Managing director
Enclosure No. 4
13
No. Names Position
8. Ms. Neeracha Panboonhom Director / Chairman of executive committee
5.7 List of Names of Executive Committee
ลาํดบั รายชือ ตาํแหน่ง
1. Ms. Neeracha Panboonhom Chief Executive
2. Mr. Prompong Chaisrisawatsuk
Executive Director
3. Ms. Suthida Karuedetkosol Executive Director
4.. Ms. Kusuma Wanapreuk Executive Director
5. Mr. Chayawat Teekamitree Executive Director
5.8 List of First 10 Major Shareholders as at Closing Date of Share Register Book (28 November 2016)
No. Names Number of Shares %
1. Nathalin Company Limited 186,999,557 45.05
2. Mr. Cherdchoo Panbunhom 44,000,220 10.60
3. Ms. Chalinee Katekaew 15,304,360 3.69
4. Mr. Apisit Rujikeatkamjorn 11,223,300 2.70
5. Ms. Wiorn Thongtang 5,930,256 1.43
6. Ms. Dararai rattanachaiwan 4,559,402 1.10
7. Thai NVDR Company Limited 4,491,818 1.08
8. Mr. Chokchai Wongphattharawanit 3,826,074 0.92
9. Ms. Neeracha Panboonhom 3,300,000 0.79
10. Ms. Petcharat Thongtang 2,319,428 0.56
11. Other shareholders 133,165,866 32.08
Total Total 415,120,181
5.10 Effect on Debt to Equity Ratio after Entering into Transaction
As at 30 September 2016, the total liabilities of 10 solar power plant projects equal to Baht 310,436,475. If combined with the Company’s total assets as at the same day, the total liabilities as after entering into the transaction would equal to Baht 1,440,245,847. However, the Company wishes to allot not exceeding 276,746,854 new shares at the par value of Baht 1 each which shall be allocated to the existing shareholder of the company according to their shareholding portion/ ratio in the amount of 138,373,427 shares and to certify the right under the warrant to purchase increased capital ordinary shares of the company that have been allocated to existing shareholders who have subscribed the newly increased capital issued shares in the amount of 138,373,427 shares as per the information memorandum relating to offer and allotment of new shares. The Company
Enclosure No. 4
14
expects to receive the fund of Baht 415,120,281 derived from such capital increase. Therefore, the Company’s shareholders’ equity will increase to be Baht 1,574,184,351, which will result in D/E ratio after entering into transaction to be 0.91 times, which reduces form the existing D/E ratio of 1.24 times.
6. Pending Material Litigation Cases and Claims
-N/A-
Encl
osur
e N
o. 4
15
7.
Rel
ated
Par
ties T
rans
actio
n D
urin
g Pe
riod
bet
wee
n 20
15 a
nd 3
rd Q
uart
er o
f 201
6
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
1.
Nat
halin
Co.
, Ltd
.
(“N
atha
lin”)
Mar
ine
Tran
spor
tatio
n B
usin
ess
- B
eing
SEA
OIL
’s m
ajor
sh
areh
olde
r hol
ding
45.05
%
of is
sued
and
pai
d-up
ca
pita
l -
Hav
ing
thre
e m
utua
l di
rect
ors:
1)
Mr.
Sura
phon
M
eesa
thie
n 2)
M
r. Pr
ompo
ng
Cha
isris
awat
suk
3)
Ms.
Nee
rach
a Pa
nboo
nhom
Rev
enue
from
sale
of g
oods
- S
EAO
IL so
ld fu
el an
d lu
bric
ant
prod
ucts
to
N
atha
lin,
with
pr
ices
det
erm
ined
by
the
cost
pl
us p
ricin
g m
etho
d.
12.9
6 3.
9 -
The
sale
tra
nsac
tions
w
ere
in
acco
rdan
ce
with
no
rmal
bu
sine
ss
prac
tices
of
the
Com
pany
with
the
sa
me
selli
ng
pric
e an
d tra
ding
co
nditi
ons a
s oth
er c
usto
mer
s.
- A
udit
Com
mitt
ee c
onsi
dere
d th
at t
he
trans
actio
ns w
ere
reas
onab
le b
ecau
se
they
wer
e no
rmal
tran
sact
ions
and
the
pric
e an
d tra
ding
con
ditio
n w
ere
in
acco
rdan
ce
with
ge
nera
l tra
ding
co
nditi
ons.
Tra
de a
ccou
nt r
ecei
vabl
e -
Sale
of
fu
el
and
lubr
ican
t pr
oduc
ts w
ith a
cre
dit t
erm
of
30 d
ays
2.17
-
Encl
osur
e N
o. 4
16
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Ren
tal a
nd se
rvic
e fe
e -
SEA
OIL
has
ren
ted
a sp
ace
of 4
06.8
3 sq
.m.
on F
l. 6
, N
atha
lin B
uild
ing
B, f
or u
se
as it
s off
ice f
or a
term
of t
hree
ye
ars
from
Jun
e 1,
201
1. I
n ca
se
of
the
expi
ratio
n of
ag
reem
ent i
f SEA
OIL
wis
hes
to
cont
inue
th
e re
nt
the
agre
emen
t w
ill b
e co
ntin
ue
ever
y 3
year
s w
ith a
ren
tal
and
serv
ice
fee
of
Bah
t 14
2,39
0.50
pe
r m
onth
. In
20
15,
SEA
OIL
ha
s re
nted
ad
ditio
nal
spac
e of
72
.22
sq.m
., th
e ag
reem
ent i
s val
id,
form
1 O
ctob
er t
o 31
May
20
17 w
ith a
dditi
onal
ren
tal
and
serv
ice
fee
of
Bah
t 25
,277
per
mon
th
1.91
1.
67
- Th
e C
ompa
ny
paid
th
e re
nt
and
serv
ice
fee
to N
atha
lin a
t th
e ra
te
stat
ed in
the
agre
emen
t whi
ch is
sam
e ra
te
as
Nat
halin
ch
arge
s ot
her
com
pani
es i
n N
atha
lin G
roup
and
th
ird p
arty
who
ren
ts t
he p
rem
ise.
W
hich
ca
n be
co
nsid
ered
as
th
e ap
prox
imat
ed r
ate
of n
earb
y pr
emis
e re
ntal
.
- A
udit
Com
mitt
ee
cons
ider
ed
the
trans
actio
n w
as r
easo
nabl
e be
caus
e th
e re
nt a
nd r
enta
l co
nditi
ons
are
in
acco
rdan
ce w
ith t
he a
gree
men
t an
d ap
prop
riate
.
Encl
osur
e N
o. 4
17
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Leg
al A
dvis
ory
Serv
ice
Fee
- SE
AO
IL h
as p
aid
for
Lega
l A
dvis
ory
Serv
ice
Fee
for t
he
docu
men
ts c
ertif
icat
ion
and
agre
emen
ts a
udit
to N
atha
lin
the
purp
ose
of w
ith h
ourly
ra
te o
f Bah
t 31,
500.
The
rate
ha
s bee
n co
mpa
red
with
oth
er
Lega
l Fi
rms
whi
ch
show
hi
gher
ser
vice
fee
rat
e th
an
Nat
halin
. The
refo
re S
EAO
IL
deci
ded
to
choo
se
for
Nat
halin
serv
ice.
- 0.
02
- A
udit
Com
mitt
ee
cons
ider
ed
the
trans
actio
n w
as r
easo
nabl
e be
caus
e th
e se
rvic
e fe
e an
d co
nditi
ons
are
in
acco
rdan
ce w
ith t
he a
gree
men
t an
d ap
prop
riate
.
Encl
osur
e N
o. 4
18
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
IT m
anag
emen
t fee
-
SEA
OIL
pa
id
IT
man
agem
ent
fee
to N
atha
lin
at B
aht
21,4
21.3
5. T
he te
rm
of th
e ag
reem
ent w
as v
alid
1
year
, co
mm
enci
ng
from
1
Nov
embe
r 20
11
to
31
Oct
ober
201
2. In
cas
e of
the
expi
ratio
n ag
reem
ent,
if th
ere
is
no
rece
ssio
n of
th
e ag
reem
ents
by
both
par
ties,
the
agre
emen
t sha
ll be
dee
m
to b
e co
ntin
ued
and
valid
for
2 ye
ars i
mm
edia
tely
. In
2014
, th
e ag
reem
ent
has
been
co
ntin
ued
in a
ccor
danc
e w
ith
such
con
ditio
ns.
The
hirin
g ra
te h
as i
ncre
ased
for
Bah
t 27
,300
per
mon
th.
SEA
OIL
ha
s req
uest
ed fo
r Lic
ense
Fee
at
the
rate
of B
aht 1
1,55
0 pe
r m
onth
, th
e ag
reem
ent
was
va
lid fr
om 1
Jul
y 20
14 to
31
Dec
embe
r 201
4. T
o da
tes,
the
agre
emen
t ha
s be
en
cont
inue
d in
acc
orda
nce
with
th
e co
nditi
ons,
the
agre
emen
t is
val
id fr
om 1
Apr
il 20
16 to
31
Mar
ch 2
018.
The
ser
vice
fe
e ha
s be
en f
ixed
at
Bah
t 17
6,22
0 pe
r mon
th.
0.62
1.
21
- Th
e C
ompa
ny
outs
ourc
es
IT
func
tions
to
N
atha
lin
beca
use
the
Com
pany
use
s Sh
ip M
anag
er S
yste
m
as th
e m
ain
oper
atin
g sy
stem
and
the
syst
em w
as d
evel
oped
by
Nat
halin
G
roup
fo
r m
arin
e tra
nspo
rtatio
n bu
sine
ss
that
th
e tra
nsac
tion
was
ne
cess
ary
and
reas
onab
le.
Encl
osur
e N
o. 4
19
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Hum
an r
esou
rce
man
agem
ent
fee -
SEA
OIL
pa
id
a hu
man
re
sour
ce m
anag
emen
t fe
e to
N
atha
lin a
t B
aht
22,6
99.4
7.
The
agre
emen
t w
as
valid
fr
om 1
Oct
ober
201
1 to
30
Sept
embe
r 20
12.
In c
ase
of
the
expi
ratio
n of
th
e ag
reem
ents
if
ther
e is
no
re
cess
ion
by b
oth
parti
es, t
he
agre
emen
t sh
all
be d
eem
to
be
cont
inue
d fo
r 2
year
s im
med
iate
ly.
In
2015
, th
e ag
reem
ent
has
been
co
ntin
ued
in a
ccor
danc
e w
ith
the
cond
ition
s at
the
fix
ed
rate
of
B
aht
27,7
20
per
mon
th.
The
agre
emen
t w
as
valid
from
1 J
anua
ry 2
015
to
31 D
ecem
ber 2
015.
To
date
s, th
e ag
reem
ent
has
been
co
ntin
ued
at th
e fix
ed ra
te o
f B
aht
3,00
0 (p
er p
erso
n pe
r m
onth
) Th
e ag
reem
ent
is
valid
from
1 M
ay 2
010
to 3
0 A
pril
2017
.
0.48
0.
69
- Th
e C
ompa
ny
had
outs
ourc
ing
agre
emen
t fo
r hu
man
re
sour
ce
man
agem
ent
serv
ice
with
Nat
halin
M
anag
emen
t C
o.,
Ltd.
A
fter
the
rest
ruct
urin
g of
N
atha
lin
grou
p,
SEA
OIL
th
en
ente
r in
to
hum
an
reso
urce
man
agem
ent
serv
ice
with
N
athl
in
inst
ead.
Th
e C
ompa
ny
cons
ider
ed
that
N
atha
lin
is
mor
e ex
pert
in
hum
an
reso
urce
m
anag
emen
t an
d th
e ou
tsou
rcin
g se
rvic
e fe
e is
low
er th
an h
iring
sta
ffs
to lo
ok a
fter t
his f
unct
ion.
-
Aud
it C
omm
ittee
con
side
red
that
the
trans
actio
n w
as
reas
onab
le
with
ap
prop
riate
serv
ice f
ee an
d co
nditi
ons
and
can
be co
mpa
red
to re
nt ra
te in
the
area
nea
rby.
Encl
osur
e N
o. 4
20
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Prop
erty
Tax
-
SEA
OIL
has
rent
ed a
spac
e of
47
9.05
sq.m
. on
Fl. 6
, Nat
halin
B
uild
ing
B, f
or u
se as
its o
ffic
e in
ac
cord
ance
w
ith
the
cond
ition
s un
der
the
agre
emen
t SE
AO
IL
has
Prop
erty
Tax
pay
men
t du
ties
for
paid
21
0 s
quar
e m
etre
*1
2.50
% in
eac
h ye
ar w
ith
asse
ssm
ent
of
Gov
ernm
ent
Off
ice.
0.13
0.
13
- Th
e C
ompa
ny
paid
th
e re
nt
and
serv
ice
fee
to N
atha
lin a
t th
e ra
te
stat
ed in
the
agre
emen
t whi
ch is
sam
e ra
te
as
Nat
halin
ch
arge
s ot
her
com
pani
es i
n N
atha
lin G
roup
and
th
ird p
arty
who
rent
s the
pre
mis
e.
- A
udit
Com
mitt
ee
cons
ider
ed
the
trans
actio
n w
as r
easo
nabl
e be
caus
e th
e re
nt a
nd r
enta
l co
nditi
ons
are
in
acco
rdan
ce w
ith t
he a
gree
men
t an
d ap
prop
riate
.
Oth
er c
urre
nt a
sset
s -
SEA
OIL
pai
d a
rent
al d
epos
it ac
cord
ing
to t
he o
ffic
e re
ntal
ag
reem
ent.
Suc
h de
posi
t will
be
ref
unde
d, w
ithou
t in
tere
st,
with
in
60
days
af
ter
com
plet
ion
of th
e re
ntal
term
, pr
ovid
ed t
hat
the
rent
al m
ust
not h
ave a
ny o
blig
atio
ns an
d/or
de
bts
outs
tand
ing.
Incl
udin
g 1
mon
th
of
adva
nce
rent
al
paym
ent a
nd o
ther
serv
ice
fee.
0.10
0.
10
- Th
e tra
nsac
tion
was
the
dep
osit
for
offic
e re
nt a
s pe
r th
e re
ntal
con
tract
. If
the
Com
pany
has
no
oblig
atio
n an
d/or
out
stan
ding
liab
ility
whe
n th
e co
ntra
ct e
xpire
s, th
e C
ompa
ny w
ill
rece
ive t
he re
ntal
dep
osit
back
that
the
trans
actio
n w
as re
ason
able
.
Encl
osur
e N
o. 4
21
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Acc
rued
man
agem
ent f
ee
- C
onsi
stin
g of
el
ectri
city
ch
arge
, in
form
atio
n m
anag
emen
t fe
e, a
nd h
uman
re
sour
ce
man
agem
ent
fee
paya
ble
by
SEA
OIL
to
N
atha
lin.
0.11
0.
34
- Th
e acc
rued
man
agem
ent f
ee w
as d
ue
to
the
paym
ent
timel
ine
in
the
cont
ract
do
es
not
fall
on
the
acco
untin
g en
ding
pe
riod.
The
paym
ent d
ate
stat
ed in
the
cont
ract
is
the
10th o
f eve
ry m
onth
. -
Aud
it C
omm
ittee
con
side
red
that
the
trans
actio
n w
as r
easo
nabl
e w
ith t
he
cond
ition
s sta
ted
in th
e co
ntra
ct.
2. K
hunn
athe
e C
o.,L
td.
(“K
hunn
athe
e”),
M
arin
e Tr
ansp
orta
tion
Bus
ines
s
- H
avin
g a
mut
ual m
ajor
sh
areh
olde
r, i.e
. Nat
halin
, w
hich
hol
ds 4
5.05
% o
f SE
AO
IL’s
issu
ed a
nd
paid
-up
capi
tal a
nd
25.3
1% o
f Khu
nnat
hee’
s is
sued
and
pai
d-up
cap
ital.
-
SEA
OIL
hol
ds 3
.33%
of
Khu
nnat
hee’
s iss
ued
and
paid
-up
capi
tal.
- H
avin
g tw
o m
utua
l di
rect
or ,
(1) M
r. Su
raph
on
Mee
sath
ien
Lon
g-te
rm in
vest
men
t -
SEA
OIL
ha
s in
vest
ed
in
133,
335
shar
es in
Khu
nnat
hee,
re
pres
entin
g 3
.3
3%
of
K
hunn
athe
e’s i
ssue
d an
d pa
id-
up c
apita
l.
17.5
3 17
.53
- Th
e tra
nsac
tion
occu
rred
in 2
004
and
2005
whi
ch th
e C
ompa
ny in
vest
ed in
K
hunn
athe
e’s s
hare
. As o
f Dec
embe
r 31
, 20
11 t
he b
ook
valu
e of
Bah
t 25
4.71
per
sha
re w
as h
ighe
r tha
n th
e C
ompa
ny’
s co
st.
How
ever
, th
e in
vest
men
t in
Secu
ritie
s sha
ll be
upo
n th
e ap
prov
al o
f the
Boa
rd o
f dire
ctor
s an
d th
e co
mpl
ianc
e w
ith s
ecur
ities
an
d ex
chan
ge
com
mis
sion
an
d re
leva
nt M
AI r
ules
.
Encl
osur
e N
o. 4
22
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Div
iden
d in
com
e -
SEA
OIL
re
ceiv
ed
divi
dend
fr
om
inve
stm
ent
in
Khu
nnat
hee.
30.8
6 -
- K
hunn
athe
e pa
id d
ivid
end
2 tim
es in
20
15
1. R
ecei
ved
cash
div
iden
d B
aht 6
.41
per
shar
e on
Mar
ch 3
1, 2
015.
2.
Rec
eive
d di
vide
nd in
BO
I B
aht 2
16
per
shar
e an
d no
n-B
OI
Bah
t 9
per
shar
e on
Nov
embe
r 30,
201
1.
- Th
e tra
nsac
tion
was
rea
sona
ble
with
in
vest
men
t.
Encl
osur
e N
o. 4
23
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Rev
enue
from
sale
of g
oods
-
SEA
OIL
so
ld
fuel
an
d lu
bric
ant
prod
ucts
to
K
hunn
athe
e,
with
pr
ices
de
term
ined
by
the
cost
pric
ing
met
hod.
2.33
5.
99
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tions
wer
e re
ason
able
bec
ause
th
ey w
ere
norm
al tr
ansa
ctio
ns an
d th
e pr
ice
and
tradi
ng c
ondi
tion
wer
e in
ac
cord
ance
w
ith
the
sam
e se
lling
pr
ice
and
tradi
ng c
ondi
tions
as
othe
r cu
stom
ers.
- SE
AO
IL
sold
fu
el
and
lubr
ican
t pr
oduc
ts
to
Khu
nnat
hee,
w
ith
pric
es
dete
rmin
ed b
y th
e co
st p
lus
pric
ing
met
hod
by S
EAO
IL
Off
shor
e Lt
d.
- 7.
19
Acc
rued
Div
iden
d -
SEA
OIL
rec
eive
d di
vide
nd
from
in
vest
men
t in
K
hunn
athe
e bu
t w
aitin
g di
vide
nd
paym
ent
from
K
hunn
athe
e.
30.0
0 -
- SE
AO
IL h
as i
nves
ted
in 1
33
,33
5 sh
ares
in
K
hunn
athe
e bu
t w
ait
rece
ived
div
eide
nd in
BO
I B
aht 2
16
per
shar
e an
d no
n-B
OI
Bah
t 9
per
shar
e.
Encl
osur
e N
o. 4
24
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Tra
de a
ccou
nt r
ecei
vabl
e -
Serv
ices
of
W
ater
Q
ualit
y Te
ster
for
con
sum
e on
shi
p w
ith a
cre
dit t
erm
of 3
0 da
ys
0.45
1.
32
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tions
wer
e re
ason
able
bec
ause
th
ey w
ere
norm
al tr
ansa
ctio
ns a
nd th
e pr
ice
and
tradi
ng c
ondi
tions
wer
e in
ac
cord
ance
with
the
sam
e co
nditi
ons
as o
ther
cus
tom
ers.
3.
N.T
.L. M
arin
e C
o.,
Ltd
. M
arin
e Tr
ansp
orta
tion
Bus
ines
s
- H
avin
g a
mut
ual m
ajor
sh
areh
olde
r, i.e
. Nat
halin
, w
hich
hol
ds 45
.05%
of
SEA
OIL
’s is
sued
and
pa
id-u
p ca
pita
l and
99
.99%
of N
.T.L
. Mar
ine
Co.
, Ltd
.’s is
sued
and
pa
id-u
p ca
pita
l. -
Hav
ing
two
mut
ual
dire
ctor
s, (1
) Mr.
Sura
phon
M
eesa
thie
n
Rev
enue
from
sale
of g
oods
-
SEA
OIL
so
ld
fuel
an
d lu
bric
ant
prod
ucts
to
N.T
.L.
Mar
ine
Co.
, Ltd
., w
ith p
rices
de
term
ined
by
the
cost
plu
s pr
icin
g m
etho
d.
160.
95
97.9
5 -
Aud
it C
omm
ittee
con
side
red
that
the
trans
actio
ns w
ere
reas
onab
le b
ecau
se
they
wer
e no
rmal
tran
sact
ions
and
the
pric
e an
d tra
ding
con
ditio
n w
ere
in
acco
rdan
ce
with
th
e sa
me
selli
ng
pric
e an
d tra
ding
con
ditio
ns a
s ot
her
cust
omer
s.
- SE
AO
IL
sold
fu
el
and
lubr
ican
t pr
oduc
ts t
o N
.T.L
. M
arin
e C
o., L
td.,
with
pric
es
dete
rmin
ed b
y th
e co
st p
lus
pric
ing
met
hod.
(by
Sea
oil
Off
shor
e Lt
d.)
0.63
3.
99
Encl
osur
e N
o. 4
25
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
- SE
AO
IL
sold
fu
el
and
lubr
ican
t pr
oduc
ts t
o N
.T.L
. M
arin
e C
o., L
td.,
with
pric
es
dete
rmin
ed b
y th
e co
st p
lus
pric
ing
met
hod.
(by
Sea
oil
Petro
leum
PTE
Ltd
.)
0.63
0.
92
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tions
wer
e re
ason
able
bec
ause
th
ey w
ere
norm
al tr
ansa
ctio
ns a
nd th
e pr
ice
and
tradi
ng c
ondi
tion
wer
e in
ac
cord
ance
w
ith
the
sam
e se
lling
pr
ice
and
tradi
ng c
ondi
tions
as
othe
r cu
stom
ers.
Tra
de a
ccou
nt r
ecei
vabl
e -
Sale
of
fu
el
and
lubr
ican
t pr
oduc
ts w
ith a
cre
dit t
erm
of
30 d
ays
27.4
2 20
.56
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tions
wer
e re
ason
able
bec
ause
th
ey w
ere
norm
al tr
ansa
ctio
ns a
nd th
e pr
ice
and
tradi
ng c
ondi
tion
wer
e in
ac
cord
ance
w
ith
the
sam
e se
lling
pr
ice
and
tradi
ng c
ondi
tions
as
othe
r cu
stom
ers.
- Sa
le
of
fuel
an
d lu
bric
ant
prod
ucts
with
a c
redi
t ter
m o
f 30
day
s by
Sea
oil
Off
shor
e Lt
d.
0.63
-
Tra
nspo
rtat
ion
serv
ice
fee
- SEA
OIL
hire
d N
.T.L
. M
arin
e C
o.,
Ltd.
to
tra
nspo
rt pe
trole
um
for
over
seas
di
strib
utio
n.
14.1
1 -
- Th
e C
ompa
ny
paid
tra
nspo
rtatio
n se
rvic
e fe
e at
sim
ilar
rate
as
mar
ket
rate
.
Encl
osur
e N
o. 4
26
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Tra
de a
ccou
nt p
ayab
le
- Em
ploy
men
t of N
TL to
pr
ovid
e m
arin
e pe
trole
um
trans
porta
tion
serv
ice
for
over
seas
dis
tribu
tion.
1.08
-
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tion
was
re
ason
able
an
d tra
nspo
rtatio
n co
st w
as a
t mar
ket r
ate
with
gen
eral
trad
ing
cond
ition
s.
4. T
avor
n M
arin
e C
o.,
Ltd
. M
arin
e Tr
ansp
orta
tion
Bus
ines
s
- H
avin
g a
mut
ual m
ajor
sh
areh
olde
r, i.e
. Nat
halin
, w
hich
hol
ds 45
.05%
of
SEA
OIL
’s is
sued
and
pa
id-u
p ca
pita
l and
99
.99%
of T
avor
n M
arin
e C
o., L
td.’s
issu
ed a
nd
paid
-up
capi
tal.
Rev
enue
from
sale
of g
oods
-
SEA
OIL
sold
fuel
and
lu
bric
ant p
rodu
cts t
o Ta
vorn
M
arin
e C
o., L
td.,
with
pric
es
dete
rmin
ed b
y th
e co
st p
lus
pric
ing
met
hod.
16.3
0
3.45
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tions
wer
e re
ason
able
bec
ause
th
ey w
ere
norm
al tr
ansa
ctio
ns a
nd th
e pr
ice
and
tradi
ng c
ondi
tion
wer
e in
ac
cord
ance
w
ith
the
sam
e se
lling
pr
ice
and
tradi
ng c
ondi
tions
as
othe
r cu
stom
ers.
Tra
de a
ccou
nt r
ecei
vabl
e -
Sale
of
fu
el
and
lubr
ican
t pr
oduc
ts w
ith a
cre
dit t
erm
of
30 d
ays
2.45
-
5. T
hai M
arin
e T
anke
r C
o., L
td.
Mar
ine
Tran
spor
tatio
n B
usin
ess
- Hav
ing
a m
utua
l maj
or
shar
ehol
der,
i.e. N
atha
lin,
whi
ch h
olds
45.05
% o
f SE
AO
IL’s
issu
ed a
nd
paid
- up
capi
tal a
nd 6
5.38
%
of T
hai M
arin
e Ta
nker
C
o., L
td.’s
issu
ed a
nd
paid
-up
capi
tal.
Rev
enue
from
sale
of g
oods
- S
EAO
IL
sold
fu
el
and
lubr
ican
t pr
oduc
ts
to
Thai
M
arin
e Ta
nker
Co.
, Ltd
. w
ith
pric
es d
eter
min
ed b
y th
e co
st
plus
pric
ing
met
hod.
0.19
-
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tions
wer
e re
ason
able
bec
ause
th
ey w
ere
norm
al tr
ansa
ctio
ns a
nd th
e pr
ice
and
tradi
ng c
ondi
tion
wer
e in
ac
cord
ance
w
ith
the
sam
e se
lling
pr
ice
and
tradi
ng c
ondi
tions
as
othe
r cu
stom
ers.
Encl
osur
e N
o. 4
27
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Tra
de a
ccou
nt r
ecei
vabl
e - S
ale
of
fuel
an
d lu
bric
ant
prod
ucts
with
a c
redi
t ter
m o
f 30
day
s
0.19
-
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tion
was
reas
onab
le.
- Tr
ansp
orta
tion
cost
was
at m
arke
t rat
e w
ith g
ener
al tr
adin
g co
nditi
ons.
Tra
nspo
rtat
ion
serv
ice
fee
- Sea
Oil
Off
shor
e Lt
d. h
ired
Thai
Mar
ine
Tank
er C
o., L
td.
to
trans
port
petro
leum
fo
r ov
erse
as d
istri
butio
n.
4.21
-
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tion
was
reas
onab
le.
- Tr
ansp
orta
tion
cost
was
at m
arke
t rat
e w
ith g
ener
al tr
adin
g co
nditi
ons.
6.
Prim
a M
arin
e C
o.,L
td.
(Com
pany
Nam
e In
Pa
st “
Nat
halin
O
ffsh
ore
Co.
, Ltd
.”)
Prov
idin
g pe
trole
um
and
othe
r pro
duct
s
- i.e
. Nat
halin
, whi
ch h
olds
45.
05% o
f SEA
OIL
’s
issu
ed a
nd p
aid-
up c
apita
l an
d 99
.99%
of N
atha
lin
Off
shor
e C
o., L
td.’s
is
sued
and
pai
d-up
cap
ital.
Rev
enue
from
sale
of g
oods
- S
EAO
IL
sold
fu
el
and
lubr
ican
t pr
oduc
ts
to
Prim
a M
arin
e C
o.,
Ltd.
with
pric
es
dete
rmin
ed b
y th
e co
st p
lus
pric
ing
met
hod.
0.18
4.
80
- Th
e sa
le
trans
actio
ns
wer
e in
ac
cord
ance
w
ith
norm
al
busi
ness
pr
actic
es o
f th
e C
ompa
ny w
ith t
he
sam
e se
lling
pr
ice
and
tradi
ng
cond
ition
s as o
ther
cus
tom
ers.
Encl
osur
e N
o. 4
28
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
man
agem
ent
serv
ices
for
petro
leum
dril
ling
and
expl
orat
ion
busi
ness
and
oth
er
busi
ness
es
- H
avin
g tw
o m
utua
l di
rect
ors,
(1
) Mr.
Sura
phon
Mee
sath
ien
and
(2
) Mr.
Prom
pong
C
hais
risaw
atsu
k
- SEA
OIL
so
ld
fuel
an
d lu
bric
ant
prod
ucts
to
Pr
ima
Mar
ine
Co.
,Ltd
. w
ith p
rices
de
term
ined
by
the
cost
plu
s pr
icin
g m
etho
d (b
y Se
a O
il Pe
rtror
ium
PTE
Ltd
.)
- 0.
88
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tions
wer
e re
ason
able
bec
ause
th
ey w
ere
norm
al tr
ansa
ctio
ns a
nd th
e pr
ice
and
tradi
ng c
ondi
tion
wer
e in
ac
cord
ance
w
ith
the
sam
e se
lling
pr
ice
and
tradi
ng c
ondi
tions
as
othe
r cu
stom
ers.
Rev
enue
from
ren
deri
ng o
f se
rvic
es
- SEA
OIL
rend
ered
cate
ring
and
serv
ice
to
rig
crew
ab
oard
ac
com
mod
atio
n ba
rge,
w
ith
serv
ice
fee
char
ged
per p
erso
n pe
r da
y at
a m
utua
lly a
gree
d ra
te
57.3
1 30
.87
- C
ater
ing
and
Serv
ice
busin
ess
is i
n ac
cord
ance
with
the
agre
ed p
rice
and
cond
ition
s. -
Aud
it C
omm
ittee
con
side
red
that
the
trans
actio
n w
as
reas
onab
le.
The
serv
ice
fee
per p
erso
n pe
r day
was
as
agre
ed
in
the
agre
emen
t.
Afte
r de
duct
ing
the
cost
of
serv
ice,
the
C
ompa
ny s
till g
aine
d pr
ofit
from
this
busi
ness
at r
easo
nabl
e ra
te.
Encl
osur
e N
o. 4
29
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Tra
de a
ccou
nts r
ecei
vabl
e - S
ale
of
fuel
an
d lu
bric
ant
prod
ucts
with
a c
redi
t ter
m o
f 30
day
s
3.83
9.
97
- A
udit
Com
mitt
ee
cons
ider
ed
the
trans
actio
n w
as r
easo
nabl
e be
caus
e th
e se
rvic
e fe
es a
nd c
ondi
tions
are
in
acco
rdan
ce w
ith th
e ag
reem
ent
- Sa
le
of
fuel
an
d lu
bric
ant
prod
ucts
with
a c
redi
t ter
m o
f 30
day
s (by
Sea
Oil
Pertr
oriu
m
PTE
Ltd.
).
- 0.
88
- R
ende
ring
of
cate
ring
and
serv
ice
with
a c
redi
t ter
m o
f 60
days
from
invo
ice
date
- 3.
17
Tra
nspo
rtat
ion
serv
ice
fee
- SE
AO
IL h
ired
Prim
a M
arin
e C
o.,L
td. t
o tra
nspo
rt pe
trole
um fo
r ove
rsea
s di
strib
utio
n.
- 2.
47
- Th
e C
ompa
ny
paid
tra
nspo
rtatio
n se
rvic
e fe
e at
sim
ilar
rate
as
mar
ket
rate
.
Encl
osur
e N
o. 4
30
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
7.
Nat
halin
M
anag
emen
t Co.
, L
td.
Ship
ping
m
anag
emen
t age
nt
busi
ness
- H
avin
g a
mut
ual
shar
ehol
der,
i.e. N
atha
lin,
whi
ch h
olds
45.05
% o
f SE
AO
IL’s
issu
ed a
nd
paid
-up
capi
tal a
nd
99.9
9% o
f Nat
halin
M
anag
emen
t Co.
, Ltd
.’s
issu
ed a
nd p
aid-
up c
apita
l.
Ren
tal f
ee
- SEA
OIL
pa
id
a w
areh
ouse
re
ntal
fe
e to
N
atha
lin
Man
agem
ent
Co.
, Lt
d. f
or a
re
nted
spa
ce o
f 3.
75 s
quar
e m
eter
s at
Bah
t 750
per
mon
th.
The
agre
emen
t was
val
id fr
om
Dec
embe
r 1,
20
12
to
Nov
embe
r 30,
201
5.
- On
1 Ju
ne 2
013,
the
Com
pany
in
crea
ses
the
rent
al a
rea
in th
e w
areh
ouse
fro
m 3
.75
squa
re
met
ers
to 1
6.70
squ
are
met
ers
with
the
tot
al m
onth
ly r
ent
of
Bah
t 3,3
40 p
er sq
uare
met
er.
0.04
0.
03
- Th
e C
ompa
ny
rent
ed
war
ehou
se
spac
e of
tltle
dee
d N
o. 2
2197
, Lan
d N
o.
641
Tam
bolB
angc
halo
ng,
Am
phoe
Ban
gple
e,
Sam
utPr
okar
n fr
om N
atha
lin M
anag
emen
t Col
, Ltd
. fo
r kee
ping
doc
umen
ts a
nd a
sset
.
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tion
was
nec
essa
ry b
ecau
se th
e C
ompa
ny r
equi
red
mod
erat
e sp
ace
for
keep
ing
docu
men
t an
d as
set.
O
ther
les
sors
off
ered
min
imum
are
a fo
r re
nt
whi
ch
was
la
rger
th
an
Com
pany
’s
requ
irem
ent.
How
ever
, th
e A
udit
Com
mitt
ee o
bser
ved
that
th
e re
nt s
pace
sho
uld
be c
lose
d ar
ea
for t
he s
afet
y an
d co
nfid
entia
l rea
son
of t
he C
ompa
ny’s
doc
umen
ts.
The
Aud
it C
omm
ittee
ther
efor
e as
ked
the
Com
pany
to
insp
ect
and
nego
tiate
w
ith t
he l
esso
rs i
n or
der
to g
entri
fy
the
rent
spa
ce a
s pu
rpos
ed b
y A
udit
Com
mitt
ee.
Acc
rued
exp
ense
s - O
rigin
atin
g fr
om t
he a
ccru
ed
rent
ex
pens
es
with
N
atha
lin
Man
agem
ent C
o., L
td
Encl
osur
e N
o. 4
31
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
8.
Seac
hem
Tra
nspo
rt
Co.
, Ltd
.
- H
avin
g a
mut
ual
shar
ehol
der,
i.e. N
atha
lin,
whi
ch h
olds
45.
05%
of
SEA
OIL
’s is
sued
and
pa
id-u
p ca
pita
l and
99
.99%
of S
each
em
Tran
spor
t Co.
, Ltd
.’s
issu
ed a
nd p
aid-
up c
apita
l.
Rev
enue
from
sale
of g
oods
-
SEA
OIL
so
ld
fuel
an
d lu
bric
ant p
rodu
cts
to S
each
em
Tran
spor
t C
o.,
Ltd.
, w
ith
pric
es d
eter
min
ed b
y th
e co
st
plus
pric
ing
met
hod.
3.64
0.
79
- Th
e sa
le
trans
actio
ns
wer
e in
ac
cord
ance
w
ith
norm
al
busi
ness
pr
actic
es o
f th
e C
ompa
ny w
ith t
he
sam
e se
lling
pr
ice
and
tradi
ng
cond
ition
s as o
ther
cus
tom
ers.
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tions
wer
e re
ason
able
bec
ause
th
ey w
ere
norm
al tr
ansa
ctio
ns a
nd th
e pr
ice
and
tradi
ng c
ondi
tion
wer
e in
ac
cord
ance
w
ith
gene
ral
tradi
ng
cond
ition
s.
Tra
de a
ccou
nt r
ecei
vabl
e -
Orig
inat
ing
from
sal
e of
fue
l an
d lu
bric
ant p
rodu
cts
with
a
cred
it te
rm o
f 30
days
.
0.42
-
Encl
osur
e N
o. 4
32
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
9.
Bor
Tho
rDor
Co.
, L
td.
- H
avin
g a
mut
ual
shar
ehol
der,
i.e. N
atha
lin,
whi
ch h
olds
45.
05%
of
SEA
OIL
’s is
sued
and
pa
id-u
p ca
pita
l and
di
rect
ly a
nd in
dire
ctly
ho
lds a
n ag
greg
ate
of
18.2
4% o
f Bor
Thor
Dor
C
o., L
td.’s
issu
ed a
nd
paid
-up
capi
tal.
and
havi
ng M
r. Su
raph
on
Mee
sath
ien,
who
is
SEA
OIL
’s a
utho
rized
di
rect
or, s
erve
on
the
nine
-mem
ber b
oard
of
dire
ctor
s of B
orTh
orD
or
Co.
, Ltd
.
Rev
enue
from
sale
of g
oods
-
SEA
OIL
sold
fuel
and
lu
bric
ant p
rodu
cts t
o B
orTh
orD
or C
o., L
td. ,
with
pr
ices
det
erm
ined
by
the
cost
pl
us p
ricin
g m
etho
d.
2.51
2.
33
- Th
e sa
le
trans
actio
ns
wer
e in
ac
cord
ance
w
ith
norm
al
busi
ness
pr
actic
es o
f th
e C
ompa
ny w
ith t
he
sam
e se
lling
pr
ice
and
tradi
ng
cond
ition
s as o
ther
cus
tom
ers.
- SE
AO
IL so
ld fu
el a
nd
lubr
ican
t pro
duct
s to
Bor
Thor
Dor
Co.
, Ltd
. , w
ith
pric
es d
eter
min
ed b
y th
e co
st
plus
pric
ing
met
hod
(by
Sea
Oil
Off
shor
e Lt
d.).
1.27
-
Tra
de a
ccou
nt r
ecei
vabl
e -
Orig
inat
ing
from
sale
of f
uel
and
lubr
ican
t pro
duct
s with
a
cred
it te
rm o
f 30
days
0.34
1.
19
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tions
wer
e re
ason
able
bec
ause
th
ey w
ere
norm
al tr
ansa
ctio
ns an
d th
e pr
ice
and
tradi
ng c
ondi
tion
wer
e in
ac
cord
ance
w
ith
gene
ral
tradi
ng
cond
ition
s.
Encl
osur
e N
o. 4
33
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
10. N
.A.T
. Mar
t Co.
, L
td.
- H
avin
g a
mut
ual
shar
ehol
der,
i.e. N
atha
lin,
whi
ch h
olds
45.
05%
of
SEA
OIL
’s is
sued
and
pa
id-u
p ca
pita
l and
99
.98%
of N
.A.T
. Mar
t C
o., L
td.’s
issu
ed a
nd
paid
-up
capi
tal.
Lun
ch se
rvic
e fo
r em
ploy
ees
- Lu
nch
serv
ice
for
SEA
OIL
’s
staf
fs at
Bah
t 30
per p
erso
n pe
r da
y,
com
men
cing
from
O
ctob
er 1
, 201
4 to
Dec
embe
r 31
, 201
4, to
talin
g B
aht 1
5,60
0 pe
r mon
th, a
nd a
t Bah
t 35
per
pers
on p
er d
ay,
com
men
cing
fr
om Ja
nuar
y 1,
201
5 to
Mar
ch
31, 2
015,
0.24
0.
20
- Th
e C
ompa
ny p
aid
for
empl
oyee
s’
lunc
h as
em
ploy
ee b
enef
it at
nor
mal
m
arke
t rat
e.
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tion
was
re
ason
able
w
ith
appr
opria
te p
rice
beca
use
ther
e is
no
rest
aura
nt l
ocat
ed i
n th
e C
ompa
ny’s
of
fice
surr
ound
ing
area
. W
ith t
his
empl
oyee
ben
efit,
sta
ffs
do n
ot h
ave
to g
o ou
t for
lunc
h fo
r the
reas
onab
le
pric
e.
Fi
tnes
s mem
bers
hip
fee
- Th
e co
mpa
ny
paid
Fi
tnes
s m
embe
rshi
p fe
e to
N.A
.T.
Mar
t Co.
, Ltd
. at
Bah
t 28,
210
per
mon
th (
for
26 e
mpl
oyee
s of
th
e C
ompa
ny
with
th
e se
rvic
e fe
e of
Bah
t 1,
085
per
mon
th p
er p
erso
n) f
or p
erio
d Se
ptem
ber
1,
2014
to
D
ecem
ber
31,
2014
an
d Ja
nuar
y 1,
201
5 to
Jun
e 30
, 20
15.
0.36
0.
30
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tion
was
be
nefic
ial
to
Com
pany
’s s
taff
and
the
ser
vice
fee
w
as s
imila
r to
oth
er f
itnes
s ce
nter
s ne
arby
Encl
osur
e N
o. 4
34
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
11. T
OP
Nau
tical
Sta
r C
o., L
td.
Mar
ine
Tran
spor
tatio
n B
usin
ess
- H
avin
g a
mut
ual
shar
ehol
der,
i.e. N
atha
lin,
whi
ch h
olds
45.
05%
of
SEA
OIL
’s is
sued
and
pa
id-u
p ca
pita
l and
34
.99%
of T
OP
Nau
tical
St
ar C
o., L
td.’s
issu
ed a
nd
paid
-up
capi
tal.
- H
avin
g a
mut
ual d
irect
or,
Mr.
Prom
pong
C
hais
risaw
atsu
k
Rev
enue
from
sale
of g
oods
-
SEA
OIL
so
ld
fuel
an
d lu
bric
ant
prod
ucts
to
TO
P N
autic
al S
tar
Co.
, Ltd
., w
ith
pric
es d
eter
min
ed b
y th
e co
st
plus
pric
ing
met
hod.
44.3
3 1.
81
- Th
e sa
le
trans
actio
ns
wer
e in
ac
cord
ance
w
ith
norm
al
busi
ness
pr
actic
es o
f th
e C
ompa
ny w
ith t
he
sam
e se
lling
pr
ice
and
tradi
ng
cond
ition
s as o
ther
cus
tom
ers.
Tra
de a
ccou
nt r
ecei
vabl
e -
Orig
inat
ing
from
Sal
e of
fue
l an
d lu
bric
ant p
rodu
cts
with
a
cred
it te
rm o
f 30
days
.
18.6
2 -
- Th
e sa
le
trans
actio
ns
wer
e in
ac
cord
ance
w
ith
norm
al
busi
ness
pr
actic
es o
f th
e C
ompa
ny w
ith t
he
sam
e se
lling
pr
ice
and
tradi
ng
cond
ition
s as o
ther
cus
tom
ers.
Encl
osur
e N
o. 4
35
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
12. K
anch
ana
Mar
ine
Co.
, Ltd
. M
arin
e Tr
ansp
orta
tion
Bus
ines
s
- H
avin
g a
mut
ual
shar
ehol
der,
i.e. N
atha
lin,
whi
ch h
olds
45.05
% o
f SE
AO
IL’s
issu
ed a
nd
paid
-up
capi
tal a
nd
99.9
9% o
f Kan
chan
a M
arin
e C
o., L
td.’ s
issu
ed
and
paid
-up
capi
tal.
- H
avin
g a
mut
ual d
irect
or,
Act
ing
Sub
Lt. C
hanw
it A
nakk
ul
Rev
enue
from
sale
of g
oods
-
SEA
OIL
so
ld
fuel
an
d lu
bric
ant
prod
ucts
to
K
anch
ana
Mar
ine
Co.
,Ltd
.,
with
pric
es d
eter
min
ed b
y th
e co
st p
lus p
ricin
g m
etho
d.
14.6
8 1.
60
- Th
e sa
le
trans
actio
ns
wer
e in
ac
cord
ance
w
ith
norm
al
busi
ness
pr
actic
es o
f th
e C
ompa
ny w
ith t
he
sam
e se
lling
pr
ice
and
tradi
ng
cond
ition
s as o
ther
cus
tom
ers.
-
SEA
OIL
so
ld
fuel
an
d lu
bric
ant
prod
ucts
to
K
anch
ana
Mar
ine
Co.
,Ltd
.,
with
pric
es d
eter
min
ed b
y th
e co
st p
lus
pric
ing
met
hod
(by
Sea
Oil
Off
shor
e Lt
d.).
- 0.
66
Tra
nspo
rtat
ion
serv
ice
fee
- SE
AO
IL
hire
d K
anch
ana
Mar
ine
Co.
, Lt
d. t
o tra
nspo
rt M
ogas
95
fo
r ov
erse
as
dist
ribut
ion.
- 2.
60
- Th
e C
ompa
ny
paid
tra
nspo
rtatio
n se
rvic
e fe
e at
sim
ilar
rate
as
mar
ket
rate
. -
Aud
it C
omm
ittee
co
nsid
ered
th
at
trans
porta
tion
serv
ice
fee
was
re
ason
able
with
mar
ket p
rice
rate
and
co
nditi
on w
ere
in a
ccor
danc
e w
ith
gene
ral t
radi
ng c
ondi
tions
.
13. S
peed
Pro
duct
ion
Co.
, Ltd
. En
terta
inm
ent
Bus
ines
s
- H
avin
g m
utua
l sh
areh
olde
rs i.
e.M
rs.
Vila
isri
Panb
oonh
om a
nd
Ms.
Pale
erat
Pan
boon
hom
ho
ld 6
0% o
f iss
ued
and
paid
up
capi
tal o
f Spe
ed
Prod
uctio
n C
o.,L
td.
Cos
t of h
iring
the
desi
gn s
ervi
ce
and
com
mun
icat
ion
med
ia
prod
uctio
n.
0.37
0.
06
- D
esig
n se
rvic
e an
d co
mm
unic
atio
n m
edia
pro
duct
ion
fee
is c
ompa
rabl
e w
ith th
e ra
te o
f oth
er se
rvic
e pr
ovid
er a
nd th
is c
ost r
ate
is lo
wer
th
an o
ther
s als
o th
eir o
ffic
e is
nea
r th
e co
mpa
ny to
con
veni
ence
.
Encl
osur
e N
o. 4
36
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
14. B
SC M
anag
emen
t R
ecru
itmen
t Co.
, L
td.
Sh
ipm
ent c
rew
s re
crui
ting
agen
t and
ai
rpla
ne ti
cket
sale
s bu
sine
ss
- H
avin
g a
mut
ual m
ajor
sh
areh
olde
r, i.e
. Nat
halin
, w
hich
hol
ds 4
5.05
% o
f SE
AO
IL’s
issu
ed a
nd
paid
-up
capi
tal a
nd
49.9
9% o
f BSC
M
anag
emen
t Rec
ruitm
ent
Co.
, Ltd
.’s is
sued
and
pa
id-u
p ca
pita
l.
Cos
t of d
omes
tic a
irpla
ne ti
cket
. 0.
28
0.02
-
The
fee
is s
ame
pric
e co
mpa
red
with
ot
her
supp
lier b
ut B
SC M
anag
emen
t R
ecru
itmen
t C
o., L
td.
give
s 7
days
cr
edit
to S
EAO
IL w
hile
the
Com
pany
ne
ed to
pay
cas
h to
oth
er su
pplie
rs.
Acc
rued
cre
dito
r (o
ther
) C
ost o
f hiri
ng th
e de
sign
ser
vice
an
d co
mm
unic
atio
n m
edia
pr
oduc
tion
0.03
-
15. U
nite
d O
ffsh
ore
Avi
atio
n C
o., L
td.
- H
avin
g a
mut
ual
shar
ehol
der a
nd d
irect
or,
i.e. M
s. N
eera
cha
Panb
oonh
om w
ho is
SE
AO
IL’ s
aut
horiz
ed
dire
ctor
and
als
o is
the
auth
oriz
ed d
irect
or o
f N
atha
lin C
o., L
td.,
hol
ds
30%
of U
nite
d O
ffsh
ore
Avi
atio
n C
o.,lt
d’s i
ssue
d an
d pa
id-u
p ca
pita
l. (M
s.Nee
rach
a Pa
nboo
nhom
resi
gned
fr
om a
dire
ctor
of U
nite
d
Rev
enue
from
sale
of g
oods
- S
EAO
IL so
ld fu
el an
d lu
bric
ant
prod
ucts
fo
r Je
t A
1 ty
pe
to
Uni
ted
Off
shor
e A
viat
ion
Co.
, Lt
d.,
with
pric
es d
eter
min
ed b
y th
e co
st p
lus p
ricin
g m
etho
d.
8.47
3.
53
- Th
e sa
le
trans
actio
ns
wer
e in
ac
cord
ance
w
ith
norm
al
busi
ness
pr
actic
es o
f th
e C
ompa
ny w
ith t
he
sam
e se
lling
pr
ice
and
tradi
ng
cond
ition
s as o
ther
cus
tom
ers.
Tra
de a
ccou
nt r
ecei
vabl
e - O
rigin
atin
g fr
om S
ale
of f
uel
and
lubr
ican
t pr
oduc
ts f
or J
et
A1
type
with
a cr
edit
term
of 3
0 da
ys.
1.43
0.
71
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tions
wer
e re
ason
able
bec
ause
th
ey w
ere
norm
al tr
ansa
ctio
ns an
d th
e pr
ice
and
tradi
ng c
ondi
tion
wer
e in
ac
cord
ance
w
ith
gene
ral
tradi
ng
cond
ition
s.
Encl
osur
e N
o. 4
37
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
Off
shor
e A
viat
ion
Co.
,Ltd
. in
May
201
5)
Adv
ertis
ing
fee
- SEA
OIL
hire
d U
nite
d O
ffsh
ore
Avi
atio
n C
o.,
Ltd.
to
ad
min
istra
te t
he b
ooth
for
the
ad
verti
sem
ent i
n M
yanm
ar.
- 0.
05
- A
udit
Com
mitt
ee c
onsi
dere
d th
at th
e tra
nsac
tions
wer
e re
ason
able
16. T
hana
vee
Mar
ine
Co.
, Ltd
. -
Hav
ing
a m
utua
l sh
areh
olde
r i.e
. Mr.
Che
rdch
oo P
anbo
onho
m
,who
is a
utho
rized
di
rect
or a
nd h
old
10%
of
Than
avee
Mar
ine
Co.
, Lt
d.’s
issu
ed a
nd p
aid-
up
capi
tal.
Rev
enue
from
sale
of g
oods
- S
EAO
IL so
ld fu
el an
d lu
bric
ant
prod
ucts
to
Than
avee
Mar
ine
Co.
, Lt
d.,
with
pr
ices
de
term
ined
by
the
cost
plu
s pr
icin
g m
etho
d.
0.74
-
- Th
e sa
le
trans
actio
ns
wer
e in
ac
cord
ance
w
ith
norm
al
busi
ness
pr
actic
es o
f th
e C
ompa
ny w
ith t
he
sam
e se
lling
pr
ice
and
tradi
ng
cond
ition
s as o
ther
cus
tom
ers.
- A
udit
Com
mitt
ee
cons
ider
ed
that
tra
nspo
rtatio
n se
rvic
e fe
e w
as
reas
onab
le w
ith m
arke
t pric
e ra
te a
nd
cond
ition
w
ere
in
acco
rdan
ce
with
ge
nera
l tra
ding
con
ditio
ns.
Encl
osur
e N
o. 4
38
Part
ies w
ith C
onfli
ct o
f In
tere
st
Rel
atio
nshi
p T
ype
of T
rans
actio
n
Tran
sact
ion
Val
ue b
etw
een
part
ies
Aud
it C
omm
ittee
Con
side
red
the
tran
sact
ion
was
rea
sona
ble
with
the
serv
ice
rate
and
con
ditio
n D
ec 3
1, 2
015
Sep
30, 2
016
17. N
atha
lin S
hipp
ing
Ltd
. (Fo
mer
ly .
Nat
halin
Off
shor
e Pt
e. L
td.
(Sin
gapo
re)
- H
avin
g a
mut
ual m
ajor
sh
areh
olde
r, i.e
. Nat
halin
, w
hich
hol
ds 4
5.05
% o
f SE
AO
IL’s
issu
ed
- H
avin
g a
mut
ual d
irect
or,
1)
Mr.
Sura
phon
M
eesa
thie
n 2)
M
r. Pr
ompo
ng
Cha
isris
awat
suk
Rev
enue
from
sale
of g
oods
-
SEA
OIL
so
ld
fuel
an
d lu
bric
ant p
rodu
cts
to N
atha
lin
Ship
ping
Lt
d.
with
pr
ices
de
term
ined
by
the
cost
plu
s pr
icin
g m
etho
d (b
y Se
a O
il O
ffsh
ore
Ltd.
). T
rade
acc
ount
rec
eiva
ble
- O
rigin
atin
g fr
om S
ale
of f
uel
and
lubr
ican
t pr
oduc
ts w
ith a
cr
edit
term
of 3
0 da
ys (b
y Se
a O
il O
ffsho
re L
td.).
- -
29.7
1 8.
35 -
The
sale
tran
sact
ions
wer
e in
ac
cord
ance
with
nor
mal
bus
ines
s pr
actic
es o
f the
Com
pany
with
the
sam
e se
lling
pric
e an
d tra
ding
co
nditi
ons a
s oth
er c
usto
mer
s.
- A
udit
Com
mitt
ee c
onsi
dere
d th
at
trans
porta
tion
serv
ice
fee
was
re
ason
able
with
mar
ket p
rice
rate
and
co
nditi
on w
ere
in a
ccor
danc
e w
ith
gene
ral t
radi
ng c
ondi
tions
.
Enclosure No. 4
39
8. Connected Person(s) and/or Interested Shareholders Not Eligible for Voting
In entering into the transaction the Company requires the votes of not less than three-fourths of the total votes of the shareholders in attendance and eligible for voting, excluding of the votes of interested shareholders. The interested shareholders who are not eligible for voting are as follows:
Names Number of Shares Held Percent
1) Nathalin Company Limited 186,999,557 45.05
2) Mr. Cherdhoo Panbunhom 44,000,220 10.60
3) Ms. Neeracha Panbunhom 3,300,000 0.79
4) Mr. Suraphon Meesathien 2,199,997 0.53
5) Mr. Prompong Chaisrisawatsuk 2,199,997 0.53
6) Miss Paleerat Panbunhom 591,154 0.14
7) Mrs.Siranee Komintarachart 334,000 0.08
8) Lieutenant Phisanuphong Wiriyayut 87,686 0.02
9) Mr.Chorloh Wanpruek 68,336 0.02
10) Mrs.Phanida Talasophon 62,971 0.02
11) Ms.Ruethairat Jiwaphongkoon 12,977 0.00
12) Mrs. Wilaisri Panbunhom 145 0.00
9. Appraisal of Assets by Independent Appraiser
-N/A-
10. Other Information Which May Materially Affect Investors’ Decision
-N/A-
11. Opinion of the Company’s Board of Directors
The Company sees the business opportunity from the investment in the solar power plants, which generates steady returns and enhances the Company’s sustainable cash flow. In considering the investment project, the Company takes into account the return rate which may receive from the project, development and operation potential as well as the relevant risks, which may adversely affect the project. The Board of Directors is of the view that this investment is justified and beneficial to the Company. The Company will gain more income, which will enhance the value added to the Company’s shareholders.
Enclosure No. 4
40
12. Opinion of Director and/or Audit Committee That Differs from the Opinion of the Board of Director in Item No. 11
No member of the Audit Committee has any different opinion from the opinion of the Board of Directors.
13. Opinion of Independent Financial Adviser
The details of the report of the opinion of the independent financial adviser on the connected transaction prepared by IV Global Public Company Limited are set out in the Attachment No. •.
The Company certifies that this information memorandum is true and accurate in all respects. It has been prepared with prudence and due care taking account the shareholders’ best interest. This information memorandum is made for the purpose of demonstrating relevant information only. It is not meant to be an invitation or offer to acquire or subscribe for securities.
………………………………. ………………………………. (Mr. Apisit Rujikiatkumjorn) (Ms. Neeracha Panbunhom) Chairman of Board of Directors Chairman of Executive Committee