Mr. Thawatchai Tipayasopon, Deputy Secretary-General, Acting Secretary-General The Securities and Exchange Commission (SEC) revealed that from the case of Stark Corporation Public Company Limited or STARK notified the company’s action guidelines. In case the shareholders’ equity is less than zero By submitting a petition to the bankruptcy court to proceed with the business rehabilitation, the SEC followed up on such information. The plan does not affect the proceedings in the case. While the confidence of the stock market and investors, the SEC is not complacent. There are amendments and additions to the rules for taking care of investors to be more comprehensive. Including the preparation of a plan to build confidence The overall picture will be taken into consideration by the SEC Executive Committee for consideration in July.
In this regard, Mr. Vonnarat Tangkaravakoon, Director of STARK, informed the Stock Exchange that as the company has submitted financial statements for the year 2022 which have been audited by the auditor and it appears that the shareholders’ equity for the year 2021 (revised ) and the year 2022 is less than zero. And the SET announced that the company’s securities may be subject to possible delisting. in order to comply with the regulations of the Stock Exchange of Thailand Regarding the delisting of listed securities The company would like to clarify that The company is not indifferent and will take urgent action. to resolve the grounds for such revocation
The Company intends to restructure its capital and debt structure. both of the Company and its subsidiaries which operate the main business to make the company’s shareholders’ equity greater than zero and net profit from the normal operation of the subsidiary which operates the main business The company is in the process of considering guidelines. Make corrections as follows.
1. Negotiate with all major creditors. for various creditors Immediately suspend the exercise of the right to demand debt repayment Supporting the company’s capital and debt restructuring plan Including providing financial assistance. to plan the management of debt repayment and plan both short-term and long-term business
2. Disposal of assets (such as shares in subsidiaries that do not carry on the core business of the company Claims in important contracts) and reorganized the organization to match the business volume. to increase revenue and reduce fixed costs and expenses of the company
3. Increase the registered capital in order to allocate newly issued ordinary shares to existing shareholders at present. or consider looking for new investors to increase shareholders’ equity and increase the company’s financial liquidity
4. File a petition to the bankruptcy court for business rehabilitation. to restructure the capital and debt structure of the company Including the right to convert debt to equity to creditors under the business rehabilitation plan.
However, in considering the selection of solutions for shareholders’ equity is less than zero. The company must consider various factors. Related which includes various conditions and limitations under a financial contract and important contracts Market demand for acquisitions of company assets and related pricing factors Cooperation and support of relevant creditors The support of existing shareholders of the company as well as various effects to maintain the qualifications to maintain the status of a listed company To maintain the best interests of the company, shareholders and all stakeholders of the company. The current board of directors and executives of the company are determined to resolve the matter. so that all parties involved are affected as little as possible within the framework of relevant laws and regulations And the company will inform you about the way to resolve the delisting of listed securities. and the deadline for such action to shareholders and investors by July 19, 2023.
Maj. Col. Yutthana Praedum, deputy director-general of the Department of Special Investigation or DSI, as the head of the investigative team in the STARK financial statement decoration case, which has a damage of not less than 34 billion baht, that he has coordinated with the SEC to request to collect additional witness and evidence information and may have an appointment with an auditor to give evidence as a witness in order to take into account the evidence gathered by the DSI earlier There are 3 people who filed initial complaints and it is expected that there will be others. related
As for the offenses, there are 3-4 forms, beginning since 2020, such as generating sales of counterfeit products. Trading goods without paying real money to traders Imaging the settlement of counterfeit goods Payment of taxes or VAT to make it look like a normal trade. before encountering the crisis of the COVID-19 situation Causing an inability to turn money but want to build confidence with investors therefore increasing the capital Issuing more debentures until the damage continues to increase It is considered an offense under the Securities and Exchange Act. offenses relating to corruption encroach on property and seeking unlawful benefits fake account manipulation Which has criminal penalties of imprisonment ranging from 5-10 years, fines ranging from 500,000 to 1 million baht, and some offenses may fall into the rank of embezzlement. which is punishable under criminal law as well
2023-06-29 09:55:00
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