Thailand
Thailand: Four firms at risk of de-listing
The Stock Exchange of Thailand has announced that four securities face a possible de-listing due to failure to submit last year’s financial statements.
The securities are Inter Far East Energy Corporation Plc (IFEC), KC Property Plc (KC), KTech Construction Plc (KTECH) and Rich Asia Corporation Plc (RICH).
“These companies have failed to submit their yearly financial statements for 2018 to the SET within a specified deadline, which is six months from the due date of Feb 28, 2019,” the SET said in a release.
“IFEC, KC, KTECH and RICH are required to meet this requirement in order to resume trading.”
Internal disputes and financial scandals escalated into a crisis for retail shareholders of IFEC, as some members of the company’s board continued to block scheduling of a shareholders’ meeting, leading investors to take matters into their own hands.
A group affiliated with Thavich Taychanavakul, a shareholder of IFEC, has taken control of the company’s business operations after shareholders voted late last year to appoint seven new directors.
Yaowaluck Ritsomjit, leader of IFEC’s investors group, said a group of retail investors plan to meet with executives from the Securities and Exchange Commission on Sept 13 to ask for monitoring of the new management team after no progress has been made following a nine-month management stint.
For Polaris Capital Plc (POLAR), the SET has removed a cause of possible de-listing for the company being under receivership by a Central Bankruptcy Court order.
The bourse still has suspension (SP) and non-compliance (NC) signs on POLAR because the company is subject to de-listing for failure to submit financial statements within specified deadlines.
Source: https://www.bangkokpost.com/business/1742119/four-firms-at-risk-of-de-listing