Symbol: CNT
Headline: Capital Increase Report Form
Time: 14 Sep 2004 14:04:00

    (Translation)

Capital Increase Report Form
Christiani & Nielsen (Thai) Public Company Limited
14th September 2004

Christiani & Nielsen (Thai) Public Company (the Company) would like to report the resolution 
of the Board of Directors Meeting No. 4/2004 of CN Advisory Company Limited, the 
Company's Plan Administrator held on 30 July 2004 from 16.30 to 17.30 pm. in respect of a 
capital increase/share allotment as follows: 

1.      Capital increase:

The meeting of the Board of Directors of the Plan Administrator passed a resolution approving 
the increase of the registered capital of the Company from Baht 312,015,580 to Baht 
401,162,888 by means of the issuance of 89,147,308 ordinary shares with a par value of Baht 
1.00 each, totaling Baht 89,147,308.  The Central Bankruptcy Court had approved the 
amendment of the Company's Memorandum Association to reflect the capital increase on 13 
September 2004.

2.      Allotment of new shares:

2.1     The meeting of the Board of Directors passed a resolution approving the allotment of 
89,147,308 ordinary shares with par value of Baht 1.00 each, totaling Baht 89,147,308, 
the details of which are as follows: 
 
Allotted to       Number        Ratio        Sale price     Subscription          Note
                 (shares)     (existing :    per share     and payment  
                                 new)          (Baht)        period
Existing         89,147,308   Existing 3.5   89,147,308     The Board of      The Board of Directors Meeting of 
Shareholders                  shares: 1      Shares         Directors Meeting the Plan Administrator No. 
to reserve                    dividend       dividend       of the Plan       4/2547, held on 30 July 2547
dividend shares               share.(In the  payment at     Administrator     passed a resolution approving the 
payment                       case that the  Baht 1.00 per  shall consider    allocation of profit for dividend 
                              fraction of    share,totaling theclosing date   payment by means of share
                              the shares is  Baht           of share register dividend and cash dividend as     
                              less than 3.5  89,147,308     book for the right follows:
                              shares,        equivalent to  to subscribe for  (a) Allotment of 89,147,308
                              dividend       dividend       shares dividend   dividend shares at par value of 
                              payment shall  payment of     payment and the   Baht 1.00 each to existing 
                              be paid at     Baht 0.286     date of share     shareholders in the ratio of 3.5 
                              Baht 0.286     per share.     allotment.        existing shares to 1 dividend
                              per share.                                      share, totaling Baht 89,147,308 
                                                                              equivalent to dividend payment of 
                                                                              Baht 0.286 per share.  In the case 
                                                                              that the fraction of the shares is 
                                                                              less than 3.5 shares, dividend 
                                                                              payment shall be paid at Baht 
                                                                              0.286 per share.
                                                                              (b) Cash dividend payment at the 
                                                                              rate of Baht 0.034 per share, 
                                                                              totaling Baht 10,608,530.    

2.2     The Company's plan where there is a fraction of shares remaining  :
The fraction of shares less than 3.5 shares shall be paid at Baht 0.286 per share.
 
2.3     The number of shares remaining from the allotment is __-___ shares with par value of 
__-___ Baht each, totaling ____-___ million Baht. 

/3.  Schedule 

3.      Schedule for shareholders meeting to approve the capital increase/allotment
The Capital increase and the Allotment of Shares have been done in accordance with the 
rehabilitation plan of Christiani & Nielsen (Thai) Public Company Limited approved by the 
Central Bankruptcy Court.  The capital increase and the allotment of shares were under the 
consideration of the Plan Administrator.  As such the Company does not need to hold a 
Shareholders Meeting to approve the procedure.

4.      Approval of the capital increase/share allotment by relevant governmental agency 
and conditions thereto (if any)
On 13 September 2004, the Central Bankruptcy Court approved the amendment of the 
Company's Memorandum of Association to reflect the capital increase.

5.      Objectives of the capital increase and plans for utilizing proceeds received from the 
capital increase
To allocate the profit for dividend payment to shareholders in terms of share dividend and 
cash dividend (the shareholders do not pay for dividend shares). The increase in capital 
enables the Company to meet the criteria for registration as the Special Class Contractor with 
Highways Department.

6.      Benefits which the Company will receive from the capital increase/share allotment:
6.1     Increase of the Company's capital
6.2     Paid up capital of the Company shall comply with the criteria for the registration as 
Special Class Contractor with the Highways Department.  This enables the Company 
to have the opportunity to bid for large projects.

7.      Benefits which the shareholders will receive from the capital increase/share 
allotment:

        7.1     Dividend policy is subject to the consideration of the Plan Administrator. 
7.2     Subscribers of new shares issued for this capital increase will be entitled to receive 
dividends from the Company's business operations at the time the dividend shall be 
paid.

8.      Other details necessary for shareholders to approve the capital increase/share 
allotment:
-None-

9.      Schedule of action where the Board of Directors of the Company passes a 
resolution approving the capital increase or allotment of new shares:
-See attachment-

The Company hereby certifies that the information contained in this report form is true and 
complete in all respects.

- Signature -
(Mr. Sarunthorn Chutima) / (Mr. Danuch Yontararak)
CN Advisory Company Limited
As the Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited



(Translation)

Appendix
Capital Increase Form
Christiani & Nielsen (Thai) Public Company Limited
14th September 204
 

Plan Schedule

Plan                                                   Date

1. The Board of Directors' Meeting of the           
Plan Administrator to consider the capital            30 July 2004
increase and the allotment of shares to 
reserve shares dividend payment to 
shareholders.


2. The Central Bankruptcy Court approved 
the amendment in the Company's                       13 September 2004
Memorandum of Association to reflect capital 
increase. 

3. Report the Board's resolution and the 
approval of the Central Bankruptcy Court to         14 September 2004
the Stock Exchange of Thailand.

4.  The Board of Director's Meeting of the 
Plan Administrator to consider the date for         Shall notify later
closing the register book for the right to 
receive dividend payment (XD) and the date 
of dividend payment.

5.  The closing date of share register book for 
the right to receive dividend payment (XD).         Shall notify later

6. The allocation of profit for dividend 
payment in terms of dividend shares and             Shall notify later
cash dividend.