The shares of the company may be transferred without restriction, unless such transfer of shares would cause the non-Thai persons to hold shares in the Company in excess of 30 percent of the total number of issued ordinary shares of the Company.
The non-Thai persons may acquire ordinary shares of the Company in excess of the restricted ratio prescribed in paragraph one of this Article by means of
subscription of newly issued shares offered to the existing shareholders in the accordance with the Extraordinary General Meeting of Shareholders No. 1/1999, held on 28th October,1999, or subscription of newly issued shares offered for sale by the Company to qualified investors under clause 2 of the Notification of the Securities and Exchange Commission Re: rules, Conditions, Procedures in Applying for Approval of an Offer for Sale of Newly Issued Shares and Granting Approved dated 18th May ,1992, or the conversion of convertible debentures which were wholly issued to foreign investors under the Extraordinary General Meeting of Shareholders No. 3/1992 on 15th December, 1992, even though the ratio of the shareholding by the non-Thai persons has reached 30 percent of the total issued shares of the Company. However, such shareholding shall not cause the total number of the shareholding ratio of the non-Thai persons to exceed 49 percent of the total issued shares of the Company .The holding of shares by the non-Thai persons exceeding 30 percent up to 49 percent shall apply to the case of any transfer of shares from the non-Thai persons, who have acquired new shares by means of subscription of new shares or by means of the exercise of conversion right of convertible debentures under this paragraph two, to the non-Thai persons in every stage of transfer until such shares are transferred to Thai persons.