STARK Corp Update: Financial Statements, Special Audit, and Actions Requested by Stock Exchange of Thailand

The Stock Exchange of Thailand requested STARK to clarify the progress of preparation of financial statements for the year 2022, preparation of a special audit and various actions.

As Stark Corporation Public Company Limited (STARK) has clarified the Company’s operation through the information dissemination system of the Stock Exchange of Thailand. that the company expects to be able to submit the financial statements for the year 2022 that have been reviewed by the auditor by June 16, 2023 and the company is in the process of hiring an auditor to perform a special audit (Special Audit)
And will notify the progress of the proceedings by June 15, 2023. In addition, the bondholders’ meeting No. STARK239A and STARK249A has resolved not to exclude default and exercise the right to call the company to pay the principal. together with interest under the debenture immediately As a result, the company has incurred cross defaults under other financial contracts. The Company is in the process of negotiating a solution with the said creditors.

In addition, the company has filed a complaint against the Department of Special Investigation. and the Crime Suppression Division on Economic Crimes Central Bureau of Investigation To investigate and investigate to find the offender to prosecute and punish according to the law until the end (details appear in the STARK news on May 31, 1 and 6 June 2023)

Since the issues raised by the company are important and have a wide impact on investors. SET therefore requesting the company to speed up the progress of the operation as follows: within June 13, 2023

1. The status of preparation and the date of submitting the financial statements for the year 2022, as well as asking to clarify whether will be the reviewed financial statements or check version And in the event that the aforementioned financial statements cannot be submitted by June 16, 2023, as previously notified by the company. Please explain the reason for the delay and the time frame for delivery.

However, if the aforementioned financial statements to be delivered are only the reviewed version Please inform the time frame that the company will submit the audited financial statements for the year 2022 and the financial statements for the first quarter of the year 2023.

2. Appointment of an auditor to perform a special audit in accordance with the order of the Office of the Securities and Exchange Commission (SEC), including the preparation status and timeframe Submission of such special audit report which will be due within June 16, 2023

3. Situations and impacts on the Company as a result of being called for repayment of debentures Including guidelines for repayment of outstanding debts of the company, consisting of 2 debentures in the amount of 2,241 million baht with interest that bondholders have exercised their rights to immediately demand repayment of debts and various debts arising from cross default events covering 3 more tranches of debentures totaling 6,957.4 million baht, as well as creditors under other financial contracts that Claims may be exercised for all debts in the same manner.

4. The Company’s actions in coordinating with various agencies with legal authority to speed up the investigation and investigation to find the offender