According to the announcement dated December 1st, 1999 regarding JT Mobiles Limited (JTM). Jasmine International Overseas Co., Ltd. (JIOC) agreed to transfer its interest and management in JTM to Bharti Enterprises.

Mr. Songrit Kusomrosananan, President of Jasmine International PCL disclosed that today we need to concentrate on our home market. We cannot support further funding of JTM, therefore we transfer interest and management to Bharti Enterprises. Jasmine International (including TOT) which currently holding 23% stake in JTM has made firm arrangement with Bharti Enterprises subject to DOT regulatory approvals that allow Bharti entry into JTM. Bharti Enterprises have committed fresh infusinon of capital of over 100 million US dollar in JTM to clear off the dues towards DOT and also for the JTM network expansion.

Mr. Songrit further added that Jasmine International has made business decision to exit India completely, therefore Jasmine has also decided to sell the 40% equity of United Telecom Limited and 30.61% equity of Priyaraj Electronics held by it back to the Indian promoters. Formalities for completing this sale have already been put into motion.