News Detail

Date/Time
01 Oct 2015 20:18:00
Headline
The connected transaction concerning the management of Mandarin Hotel.
Symbol
MANRIN
Source
MANRIN
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                Connected transaction

Subject:        The connected transaction concerning the Mandarin Hotel hired 
Quality House
                       Public Company Limited to manage the Hotel
Attention     The President of the Stock Exchange of Thailand
                      Pursuant to the Board of  Directors' meeting of the 
Mandarin Hotel Public Company Limited ( the Hotel) No.6/ 2015 on October 1, 2015
has passed the resolution to approve the Quality House Public Company Limited
or its subsidiary ( the Company ) to be hired to manage the Mandarin Hotel (the
Hotel)  The Mandarin Hotel Public Company Limited. The transaction is entering
into the connected transaction as detailed following.
Transaction Date         :  The Board of Directors will determine the date of 
transaction after the approval from the Board of Directors ' meeting which will
be approximately
The Involved Parties    :  The employer is Mandarin Hotel Public Company Limited
 ( the Company)
                                            The employee is Quality House Public
Company Limited  ( the Connected Company) or its subsidiaries of Quality House
Public Company Limited (Subsidiaries)
The Characteristic        :   The Company or Subsidiaries will be hired to 
manage the Hotel for one year

of the transaction             from October
1, 2015 to September 30, 2016 with the right to extend the
                                             Contract every year or upon  the 
agreement. The company or subsidiaries
                                             will receive the management fee 
that variable to total revenue and
                                             operation profit of the Hotel which
 is  approximately 7 million Baht
                                             for the period of one year.
                                            The Board of Directors have an 
authority to determine conditions and the
                                             details of the management contract 
as deemed appropriated, hence the
                                             Board of Directors empowered the 
President or  Managing Director to have
                                             the authorize to negotiate and give
 a signature on the agreements and any
                                             related documents, including the 
negotiation power to determine the
                                             management fee for the Hotel and 
other details as deemed appropriated.
Total value of
consideration              The compensation of normal and special business 
operation is varied by total
                                       revenue and operation  which is 
approximately 7million Baht for one year
                                       as detailed following
                                       A   The compensation of normal operation 
is 2 % of total revenue excluding
                                       some type of revenue that specified in 
the Hotel's management contract
                                       The projection of the revenue from 
operation can be summarized as following:
                                                                                
                                          (million Baht)
                                      Year                                   
2015                        2016
                                                                                
Oct - Dec               Jan-Sep
                                      Total Revenue                    83       
                     250
Relationship between
the related parties                    1     Miss Piengjai Harnpanich and the 
connected person are the major
                                       shareholders of the Mandarin Hotel  
Public Company Limited in the portion of
                                       49.78 % and Miss Piengjai Harnpanich is 
in the position of Chairperson of the
                                       Board of Directors, Chairperson of the 
Management and Managing Director of
                                       Mandarin Hotel Pubic Company Limited.
                                                      2   Miss Piengjai 
Harnpanich is the mother of Mr.Anant Asavabhokhin
                                       and Mr. Achanan Asavabhokhin is the son 
of Mr. Anant Asavabhokhin who are
                                       major shareholders (indirect) of Quality 
House Public Company Limited.
Characteristics and scope
of interests of connected person
                                     The Company or Subsidiaries  will be hired 
to manage the Hotel and receive the
                                     normal and special compensation for the 
period of one year in total amount of
                                     7 million Baht
Opinion of the Board of Directors
The Board of Directors' meeting considered that the entering into such a        
connected  Transaction is reasonable and beneficially to
the Hotel business and can increase more  revenue for the Hotel. The brand name
of " Centre Point " is well known for the target  group of the Hotel will ensure
 to find more business for the Hotel.
Director with conflict of interest or connected person is Miss Piengjai        
Harnpanich  was not present in the meeting and she has no right to vote in this
agenda.
Opinion of the Audit Committee and / or
the Company's Directors which are different
from the Board of Directors
The Audit Committee and /or the Company's Directors did not have any different  
 opinion of the Board of Directors.
______________________________________________________________________
This announcement was prepared and disseminated by listed company or issuer 
through the electronic system which is provided for the purpose of dissemination
of the information and related documents of listed company or issuer to the
Stock Exchange of Thailand only.  The Stock Exchange of Thailand has   no
responsibility for the correctness and completeness of any statements, figures,
reports or opinions contained in this announcement, and has no liability for any
losses and damages in any cases.  In case you have any inquiries or
clarification regarding this announcement, please directly contact listed
company or issuer who made this announcement.