The riot and the fire incident of CentralWorld Project

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May 24, 2010



- Translation -

 

May 24, 2010

 

Subject: Notification of the riot and the fire incident of CentralWorld Project

 

To: The President, The Stock Exchange of Thailand

 

Central Pattana Public Company Limited and its subsidiaries (CPN) have engaged in long-term lease contract for land and properties of CentralWorld Project (under the name of Thai Business Fund 4) from the Crown Property Bureau which includes:

  1. CentralWorld Shopping Complex

  2. The Offices at CentralWorld

  3. Zen Department Store (CPN's tenant with long-term lease contract)

  4. Isetan Department Store (CPN's tenant with long-term lease contract)

  5. Partial of lands in which CPN has subleased to Central Plaza Hotel Public Company Limited for constructing and engaging hospitality business of Centara Grand Hotel at CentralWorld.

Regarding the riot and the fire incident of CentralWorld Project on May 19, 2010, the preliminary investigation has shown the deterioration on CentralWorld as follows:

 

- Major devastation on Zen Departmentstore
- Partial damage on CentralWorld Shopping Complex

 

CPN would like to inform that CentralWorld Project is insured for all causes of damages and losses. However, the claims on the incident are under the process of assessing and investigating from relevant independent experts and insurance companies.

 

Any closure for renovation or reconstruction of Zen Department Store, Isetan Department Store, and other tenants engaging in long-term lease contract will not significantly affect the revenue of CPN as long-term lease contracts constitute no monthly payment. In addition, CPN has the protection under the business interruption insurance for the loss of revenue from tenants under short-term lease contract (monthly rental payment).

 

Focusing on safety and security precautions, CPN will ensure that CentralWorld Shopping Complex will resume as soon as possible.

 

Furthermore, the other 14 shopping complexes, under CPN management, have been normally operated.

 

Please be informed accordingly,

 

Yours faithfully,

 

- Signature -

 

(Miss Naparat Sriwanvit)
Company Secretary

 

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