"ACTIVE" NEW PARTNERS LEAD RESTRUCTURING OF PR AGENCY 124 COMMUNICATIONS

       Leading public-relations agency 124 Communications yesterday announced a business restructuring after the entry of new partners led by Kunakorn Sethi, who now own a combined 17 per cent of the company.
       Kunakorn is managing director of film-production house Prommitr Production. His group gradually bought up 124 Communications shares in the market until possessing the present 7.65 million shares.
       "After acquiring a significant number of shares in 124 Communications, Kunakorn and his group approached us and said they wanted to be an active partner. They said their expertise in media production and marketing communications would help our business in the future, including its restructuring," said 124 CEO Nimitz Modrakee.
       He said the restructuring would include establishing two subsidiaries - one to be in charge of public relations, and the other of media buying.
       To be called 124 Communications Consulting and Work Heart, the two subsidiaries, each with registered capital of Bt5 million, will allow 124 Communications to provide its customers with a greater variety of services. Their establishment will foster transparency in operations, flexibility in the provision of services and elimination of possible conflicts, as well as address limitations to providing services.
       Both 124 Communications Consulting and Work Heart will complete the registration process by next week.
       The company has also approved a change in the par value of shares, from Bt1 apiece to 10 satang, while the total value of the registered capital remains unchanged at Bt45 million.
       Reducing the par value in this way will increase the number of ordinary shares from 45 million to 450 million.
       The company has also issued 22.5 million units of new warrants, to be offered to its existing shareholders, which will increase registered capital from Bt45 million to Bt67.5 million.
       Nimitz said the restructuring would strengthen 124 Communications' business. 124 Communications will become the parent and fully own both subsidiaries.
       "We expect setting up the two subsidiaries to have a positive effect on 124 Communications' performance this year," said Nimitz.
       He will be the chairman of 124 Communications and CEO of 124 Communications Consulting, while Kunakorn will be chief operating officer of Work Heart.