Bangkok, The Stock Exchange of Thailand has removed the 'SP' from EA shares after EA issued a letter explaining additional financial impacts that may arise from debt burdens and debt repayment methods. The Stock Exchange of Thailand (SET) announced the removal of the SP symbol from the securities of Energy Absolute Public Company Limited (EA) this morning (July 16) as the company has already clarified information to the Stock Exchange of Thailand. The Stock Exchange of Thailand would like shareholders and investors to study the company's clarification carefully in order to make a decision to buy or sell the company's securities. Reporters reported that yesterday (July 15), trading in EA shares was marked with H and SP because the Stock Exchange of Thailand ordered the company to report information about debts due that EA reported did not match the quarterly financial statements. As of approximately 9:00 p.m., EA issued a clarification letter to the Stock Exchange of Thailand, stating that as of the end of March 2024, EA had debts due in 1 year of 19,505 million baht, of which 3,017 million baht had been repaid, leaving 16,488 million baht, consisting of: Short-term loans from financial institutions and short-term promissory notes of 8,144 million baht Long-term loan from financial institutions due in 1 year, 2,852 million baht Bonds due in 1 year: 5,492 million baht For the debts to be paid on December 31, 2024, it is the company's long-term debt repayment obligation, including debentures, based on the estimated long-term loan including interest to be repaid of approximately 3,200 million baht and debentures due for payment of another 5,500 million baht. The remaining amount is short-term loans from several financial institutions, which at the end of the first quarter was 8,354 million baht. Initially, the company did not clarify because the short-term loan amount is normally rolled over by the company in this part anyway. The Company originally intended to roll over short-term loans as practiced for all short-term loans and planned to repay long-term loans and debentures due in 2024 with 1) cash flow from operations. In the first quarter of 2024, the Company had cash flow from operations of 1,900 million baht and the Company will have revenue from solar power plants and wind power plants every month of approximately 1,000 million baht. 2) Credit line from financial institutions of approximately 6,000 million baht, which is in the final consideration stage of the financial institutions. 3) Additional debentures to be issued in 2024, the number and offering date are under negotiation with the underwriters. The Company expects that the debentures will be 1-year and 3-year terms. In addition, at 16.15 hrs. (July 15), the Company received information from TRIS Rating that the Company's credit rating has been downgraded from BBB+ (Negative) to BB+ (Negative), which may affect the credit limit from financial institutions and new debentures to be issued according to the original plan. However, the Company would lik e to emphasize that the Company still has income from the power plant of approximately 1,000 million baht per month, which is the main cash flow for the Company. In addition, the Company is in the process of negotiating and considering selecting Strategic Partner(s) to invest together to create financial strength, increase debt repayment potential and develop sustainable business in the long term. For the impact on the company's management, the case of Mr. Somporn Ahunai (Chief Executive Officer) and Mr. Amorn Traiphuwikul (CFO), who are responsible for important executive positions, leaving their positions will not significantly affect the company's business operations and business policies because the management team and management team are still the same. The company has appointed Mr. Somchainuk Engtrakul to the position of Acting Chief Executive Officer, who is an experienced and reliable person who can build confidence among the company's stakeholders and set strategic directions to lead the company thr ough the crisis. As for Mr. Wasu Klomkliang, as Acting CFO, he is an expert in both finance and investment and is a former commercial bank executive with extensive experience in the company's business. He also has the potential, skills, and abilities to manage related work and has been in this line of work for more than 10 years. If the company has any progress on the appointment of the positions mentioned above, it will inform the Stock Exchange of Thailand. Source: Thai News Agency
SET removes ‘SP’ from EA shares after EA issues clarification letter
Bangkok, The Stock Exchange of Thailand has removed the 'SP' from EA shares after EA issued a letter explaining additional financial impacts that may arise from debt burdens and debt repayment methods. The Stock Exchange of Thailand (SET) announced the removal of the SP symbol from the securities of Energy Absolute Public Company Limited (EA) this morning (July 16) as the company has already clarified information to the Stock Exchange of Thailand. The Stock Exchange of Thailand would like shareholders and investors to study the company's clarification carefully in order to make a decision to buy or sell the company's securities. Reporters reported that yesterday (July 15), trading in EA shares was marked with H and SP because the Stock Exchange of Thailand ordered the company to report information about debts due that EA reported did not match the quarterly financial statements. As of approximately 9:00 p.m., EA issued a clarification letter to the Stock Exchange of Thailand, stating that as of the end of March 2024, EA had debts due in 1 year of 19,505 million baht, of which 3,017 million baht had been repaid, leaving 16,488 million baht, consisting of: Short-term loans from financial institutions and short-term promissory notes of 8,144 million baht Long-term loan from financial institutions due in 1 year, 2,852 million baht Bonds due in 1 year: 5,492 million baht For the debts to be paid on December 31, 2024, it is the company's long-term debt repayment obligation, including debentures, based on the estimated long-term loan including interest to be repaid of approximately 3,200 million baht and debentures due for payment of another 5,500 million baht. The remaining amount is short-term loans from several financial institutions, which at the end of the first quarter was 8,354 million baht. Initially, the company did not clarify because the short-term loan amount is normally rolled over by the company in this part anyway. The Company originally intended to roll over short-term loans as practiced for all short-term loans and planned to repay long-term loans and debentures due in 2024 with 1) cash flow from operations. In the first quarter of 2024, the Company had cash flow from operations of 1,900 million baht and the Company will have revenue from solar power plants and wind power plants every month of approximately 1,000 million baht. 2) Credit line from financial institutions of approximately 6,000 million baht, which is in the final consideration stage of the financial institutions. 3) Additional debentures to be issued in 2024, the number and offering date are under negotiation with the underwriters. The Company expects that the debentures will be 1-year and 3-year terms. In addition, at 16.15 hrs. (July 15), the Company received information from TRIS Rating that the Company's credit rating has been downgraded from BBB+ (Negative) to BB+ (Negative), which may affect the credit limit from financial institutions and new debentures to be issued according to the original plan. However, the Company would lik e to emphasize that the Company still has income from the power plant of approximately 1,000 million baht per month, which is the main cash flow for the Company. In addition, the Company is in the process of negotiating and considering selecting Strategic Partner(s) to invest together to create financial strength, increase debt repayment potential and develop sustainable business in the long term. For the impact on the company's management, the case of Mr. Somporn Ahunai (Chief Executive Officer) and Mr. Amorn Traiphuwikul (CFO), who are responsible for important executive positions, leaving their positions will not significantly affect the company's business operations and business policies because the management team and management team are still the same. The company has appointed Mr. Somchainuk Engtrakul to the position of Acting Chief Executive Officer, who is an experienced and reliable person who can build confidence among the company's stakeholders and set strategic directions to lead the company thr ough the crisis. As for Mr. Wasu Klomkliang, as Acting CFO, he is an expert in both finance and investment and is a former commercial bank executive with extensive experience in the company's business. He also has the potential, skills, and abilities to manage related work and has been in this line of work for more than 10 years. If the company has any progress on the appointment of the positions mentioned above, it will inform the Stock Exchange of Thailand. Source: Thai News Agency