SET is issuing SP ITD shares on D-Day April 1! Pending CS, the Examiner does not express an opinion on the FY 2023 budget

Reporters reported that today (March 29, 2024) Stock Exchange of Thailand (SET) He revealed that Italian Thai Development Company Ltd. or Information and communications technology The financial statements for the year 2023 were submitted to the stock exchange. But the auditor did not express an opinion of no confidence in the company's financial statements, for which the SEC could order the company to adjust the financial statements, so SET is still posting an SP mark on ITD stock today.

but SET will remove the SP tag to place the CS tag on April 1, 2024. Shares marked CS must be purchased using a cash balance account only (Members must require clients to deposit cash up front with the Member in full before purchasing securities) from the day the mark is posted onwards. Until the aforementioned reason is resolved.

The Company would like to clarify that the auditor's failure to express an opinion on the consolidated financial statements for the year ended 31 December 2023, there was no reason to limit the scope by management. or in violation of Thai accounting standards, but due to the impact of significant uncertainties. The company is in the process of implementing the business plan and financial strategy to ensure that the group and the company will have sufficient liquidity and the ability to repay debts when due and operate the business continuously. There are important operational guidelines as follows:

On January 17, 2024, the Company held a meeting of noteholders for all five series of notes, namely ITD242A, ITD24DA, ITD254A, ITD266A and ITD24DB, with a total principal amount outstanding of 14,445 million baht. The bondholders' meeting decided to approve the company. Extending the maturity date of each series of bonds for an additional two years from the original maturity date of the bonds. Including a change in other terms as described in Note 49.1 to the Consolidated Financial Statements, when the redemption date for each series of Notes is extended by a further two years from the original redemption date of the Notes. The company's current liabilities that are due within one year in the first quarter of 2024 will decrease.

In addition, the meeting of bondholders of all five series decided to approve dilution to maintain the debt-to-equity ratio as specified in the rights terms. It is effective from the end of the fiscal year 2023 until the end of the fiscal year 2025 and grants a waiver to the bond issuer to negotiate or enter into any contract with creditors to restructure the debt without considering it a case of default in accordance with the rights provisions.

The Company requested a waiver of the conditions related to maintaining financial ratios with certain financial institutions and obtained a waiver of compliance with these conditions from the bank. The Company received a letter requesting permission to adhere to these conditions on July 29, 2024 and March 18, 2024, as mentioned in Note 49.2 to the financial statements. Consolidated, due to the inability to maintain the debt-to-equity ratio as stated. Financial institutions Financial institutions have the right to demand repayment of loans. But financial institutions don't work that way.

Therefore, failure to comply with the conditions related to maintaining the aforementioned financial ratio does not lead to the company violating the terms of the loan agreement with the financial institution. The company has guidelines for managing the problem of liquidity shortages. The company is in the process of negotiating an agreement with the bank's major creditors in order to obtain credit support in the short term and in the long term in order for the company to be able to conduct business continuously, for which at present the company is gradually receiving some loans. It is expected that the company and the creditor group of the main bank will approve the loan agreement until its completion in order for the company to be able to continue operating the business on an ongoing basis.

3. The company is in the process of modifying its work system and control system to reduce costs. Increase work efficiency so that the company has the ability to compete and achieve profit from operating results while setting clear goals. Results are reported every month. There is a plan to sell assets not used in operations to reduce the company's debt burden.

4. The company believes in the possibility and opportunity to acquire a large number of diverse basic construction projects that the government and private sectors are advertising for purchase, including the construction of roads, highways, double-track railways and high-speed railways. Trains. Airport expansion whether in the Bangkok metropolitan area or in major provinces such as Chiang Mai, Phuket, Krabi, etc., because the company has experience and previous business that can compete in all kinds of competition.

Therefore, the company believes that if the company through receiving construction projects from the public and private sectors, the company will be able to continuously generate income, and the ITD share price before the SP increase on February 29, 2024 was at 0.85 baht.

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