Contract Extension Agreement for Merchandise and Souvenirs Business at Phuket Airport between Airports Authority of Thailand and King Power Tax Free Co., Ltd.

Summary

This agreement extends King Power Tax Free Co., Ltd.'s contract to operate merchandise and souvenir shops at Phuket Airport for three years, from February 1, 2000, to January 31, 2003. The company will pay specified monthly rents and fees, with annual increases, and must comply with airport authority rules. The agreement covers three specific locations within the airport, sets standards for merchandise, and includes penalties for late payments. King Power must confirm acceptance in writing by July 21, 2000.

EX-10.56 18 0018.txt RESULT OF CONSIDERATION ON EXTENSION OF CONTRACT No. Thor.Or.Thor. 3976/2543 14 July 2000 Subject Results of Consideration on Extension of the Contract for Merchandise and Souvenirs Business Operation To Managing Director, King Power Tax Free Co., Ltd. Reference Letter of King Power Tax Free Co., Ltd., No. Khor.Phor.Thor. 183/2542 dated 16 December 1999 & Khor.Phor.Thor. 191/2542 dated 21 December 1999 Enclosure Chart Showing Business Premises for Merchandise and Souvenirs Business Operation Pursuant to the referenced letters, in which King Power Tax Free Co., Ltd. has requested for an extension of the Contract for Merchandise and Souvenirs Business Operation at the Phuket Airport, Airports Authority of Thailand (AAT) has considered the request, and would be pleased to extend the Contract for Merchandise and Souvenirs Business Operation for three locations : Departure Hall, Zone No. DH 215, 27 square metre; Domestic Departure Lounge, Zone No. DD 205, 16.30 square metre; and International Departure Lounge, Zone No. DI 209, 53.16 square metre, for a period of three years, from 1 February 2000 to 31 January 2003, under the following conditions. 1. The monthly rents shall be Baht 450.00 per square metre, the fee for using services in the airport at 15% of the rents, the building and land taxes at 12.5% of the rents, and other expenses on the use of the airport, property, services and facilities as set forth by AAT. 2. The monthly remuneration shall be Baht 6,747.00 per square metre, totalling Baht 650,815.62 (not including the value added tax), and to be increased by 10% per year. 3. The Company shall pay the monthly remuneration to AAT in advance, by the 5th of every month. 4. If the Company is in default of payment to AAT, a penalty at 1.5% per month of the outstanding amount shall be charged. A fraction of month shall be counted as one month. 5. The Company must obtain written approval from AAT for the plans and drawings, and construction shall be at the Company's own expense. 6. AAT reserves the right to permit other business operators to operate the same business. 7. The Company's merchandise shall be at the same standards and prices as that of the leading department stores. Price tags shall be displayed clearly, and in Baht currency only. Any change of price requires a written approval of AAT. 8. The Company shall strictly comply with the existing conditions, rules, regulations, instructions and directives of AAT, as well as those to be issued in the future. Please be informed, and kindly give your confirmation in writing to AAT by 21 July 2000. Yours truly, - signed - (Mr. Bancha Pattanapon) Deputy Managing Director, for Managing Director Finance Department Tel. 535-1590 Fax ###-###-####