Stark Corporation Public Company Limited: Return to Trading Confirmed After Long SP with Plans for Full Management and Improved Internal Control System

Mr. Vonnarat Tangkaravakoon Acting Chief Executive Officer and Director Stark Corporation Public Company Limited or STARK Said at the meeting this afternoon (May 30, 2023) that the return to trading of STARK stocks again during June 1-30, 2023, when the stock exchange was open for trading after a long SP, was confirmed. that the shares will not be sold out for sure because there is an intention to fully manage the work in STARK

However, this return to trading of STARK stocks after the maturity of SP for 3 months confirms that in the shareholding there will definitely not be sold out. but others do not know Personally, I intend to go fully into the business of STARK shares in order to revive this company to grow back. and build credibility

In addition, the progress of the company, whether the company had any problems in the past and how to solve the problem by clarifying that it is a special audit or Special Audit, the company has hired PricewaterhouseCoopers or PwC to be an inspector. Audit by PwC Anomalies were detected in the preparation of the 2022 financial statements, while the company is now in the process of hiring additional auditors. to investigate further special cases By coming to help see sales and accounts receivable, including accepting debt payments of all subsidiaries from 2021 – 2022, which the company is currently collecting all evidence. And prepare to submit to the SEC by June 15, 2023

Along with clarifying the facts According to the order from the SEC, it is expected to be able to issue financial statements by June 16, 2023, including on May 31, 2023, the company will call a meeting of shareholders. holding bonds In the event that STARK bonds have problems (Technique Default) is the default on debt payment arising from a violation of the terms of the loan agreement. It is not related to the default on interest or principal payment. In the case of Technique Default problems arise from the submission of the 56-1 form or the annual report later than required by the SEC.

In addition, informed that the internal control system will be improved. or adjust the structure to be more concise In the past, the company has appointed new executives. to prevent further damage to the Company Including also providing details of the purpose of using the proceeds from the debentures And capital increase shares, the company STARK will use for repayment of bank debt. And used as working capital to expand the business further. As for the proceeds from the issuance of capital increase shares It is in the process of considering changing the purpose of using the proceeds. due to the termination of the share purchase agreement of the Leoni Group due to a negative change of events

However, the auditor is working to verify the accuracy of the cash statement. Therefore would like to clarify the details of the use of money and the status of the balance later

For the progress of the company during May 2022, interest on debentures for May 2023 was paid in the total amount of 67.1 million baht and a site visit was organized to welcome representatives from investors and bondholders. On May 24, 2023, and in the past, STARK has been trying to communicate with all parties involved. And also set up a special Hotline to be able to contact the company more conveniently.

While STARK’s business operations are still normal, both in Thailand and Vietnam. There are also production orders received from customers. Most recently, the company took bondholders to see the company’s factory in Samut Prakan to ensure that business continues as normal. As for interest payments on bonds, the company in May 2023 has already paid interest on bonds to bondholders totaling 67.10 million baht. in relation to the situation of the company and listen to the opinions of all parties

side Mr. Kornphat Worachet Post messages via private Facebook. Regarding attending the meeting of Stark Corporation Public Company Limited or STARK this afternoon (May 30) regarding the clarification of various facts. According to the order of the SEC by gathering summary information about answering questions from Mr. Vonnarat Tangkaravakoon, Chief Executive Officer came out to clarify can be summarized The company continues to operate as normal with a factory in Vietnam. and Samut Prakan Province is still operating normally While most recently, on May 24, 2023, the company opened for shareholders to visit.

As for the interest payment plan for the company’s debentures still insist on paying interest to regular bondholders And also had to change the auditor. Due to the expiration of 7 years, the company confirms that there is no fraud or cheating. which must wait to see the audit from the auditor and expects to submit financial statements by June 16, 2023

While the income increase plan The latter did not move forward, Leoni saw that after the financial statements were announced. will continue to plan In addition, the progress of the PP capital increase is still under investigation.

part of Mr. Vonnarat Tangkaravakoon After resigning from the position of director of TOA Paint (Thailand) Public Company Limited or TOA to turn STARK back to strength. reliable and move forward with full business and to protect the interests of all STARK shareholders.

Due to want to better control STARK company, which is expected to have a new director already appointed. All are waiting for a special audit and the company prepares to hold an annual general meeting of shareholders. It is expected to start within Aug. after announcing the financial statements already