clarifies a published report

Electricity Generating Plc (EGCOMP) clarified a published report concernng the establishment of two new companies. EGCOMP said its board of directors previously resolution on June 29, 1995 voted to set up two new companies. The two companies are EGCO Engineering & Service Co Ltd and EGCO Joint Ventures & Development Co Ltd. Both companies will have a registered capital of Bt10 million each. EGCO Engineering & Service Co Ltd will operate machine procurement and maintenance of its power plant. EGCOMP said it has reported the details to the Stock Exchange of Thailand. The two companies are expected to register by the end of this month and EGCOMP will inform the SET afterward. The two newly established firms had not negotiated with the Electricity Generating Authority of Thailand (EGAT) or PTT Exploration & Production Plc. EGCOMP clarified the details to the SET because there was a published report today which said that EGCOMP has established two new firms - EGCO Engineering & Service Co Ltd and EGCO Joint Ventures & Development Co Ltd - which are being registered. EGCOMP will hold a 100% shares of the two companies. However, the paper said EGCOMP will invite EGAT's subsidiary Maintenance Co Ltd to jointly invest about 50% in EGCO Engineering & Service Co Ltd. At the same time, EGCOMP will invite PTTEP to jointly invest in EGCO Joint Ventures Co Ltd for the petroleum exploration to reserve its power plant, the paper added. Translated by The Nation