5 sets of "STARK bonds" valued at 9.1 billion baht. Keep an eye on the meeting on 28 April after postponement of budget submission and major board dismissal.
On April 20, 2566, Stark Corporation Public Company Limited (STARK) operated its business by holding shares in other companies (Holding Company) with subsidiaries being the main business operators. Major in the production of electrical wires and cables. Notified the Stock Exchange of Thailand Request to postpone submission of consolidated financial statements and separate financial statements for the year ending December 31, 2565, which is later than previously expected (by April 21, 2566).
The company expects to be able to submit such financial statements within the period of May - June 2566.
On the same day, the company announced changes to the board of directors and executives. By reducing the number of directors from the original 9 people to 6 people, citing the reason that the original management of the company was unable to complete the preparation of the company's 2565 annual financial statements in time as required by law and appointed "Wanrat Tangka" "Rawakhun" major shareholder to hold the position of Acting Chief Executive Officer of the Company
along with collaborating with companies Pricewaterhouse Coopers ABAS Ltd. as the Company's auditor. and the person who prepares additional fact-checking reports in special cases (Special Audit)
One of the issues that many people raise is that there are currently 5 series of STARK bonds that are not yet due for redemption. Total value of more than 9,198.4 million baht, which you will have to keep an eye on on April 28, 2566, when there will be a meeting of the company's bondholders for the first time in 1, including
– No. 1/2564, Set 1, due for redemption in 2566 (STARK239A), where STARK239A bonds have a value of 1,291.5 million baht.
– No. 1/2564, Set 2, due for redemption in 2567 (STARK249), where STARK249 bonds have a value of 949.5 million baht.
– No. 1/2565, Set 2, due for redemption in 2567 (STARK255A), where STARK255A bonds have a value of 1,701.1 million baht.
– No. 1/2565, Set 3, due for redemption in 2568 (STARK245A), where STARK245A bonds have a value of 1,322 million baht.
– No. 2/2565, due for redemption in 2567 (STARK242A), which STARK242A bonds have a value of 3,934.3 million baht.
If you go back to February 28, 2566, STARK informed the Stock Exchange of Thailand. Change the purpose of using the proceeds from the issuance of bonds. It was stated that according to the company's issue of debentures No. 2/2565, due for redemption in 2567, with a total value of 3,934.30 million baht, the purpose of using the money was to 1) repay loans from financial institutions and 2) as working capital in the business. or repay the original bond or bill of exchange All of which are scheduled to be spent within 2565.
Meanwhile, when the Board of Directors' meeting No. 8/2565 passed a resolution approving the revocation of the share purchase contract. By exercising rights under the contract and the law with LEONI AG and LEONI Bordnetz-Systeme GmbH, which affects the plan to use the proceeds from the issuance of bonds to repay loans from financial institutions. The Company has therefore hastened to discuss with financial institutions about plans to use the money received from the issuance of these bonds to repay loans from financial institutions. Negotiations to meet the objectives and time frame for using the money received from the issuance of the said bonds took longer than the company had anticipated.
This is so that the money received from the debentures can be used according to the objectives that the company has specified. The Board of Directors' Meeting No. 9/2565 on Wednesday, December 21, 2565, resolved to approve the change in the period for using funds. ”From within 2565 to within 2566
In terms of the budget, for the 9 months of 2565, STARK has total assets of 47,096.41 million baht, while liabilities are at 38,362.30 million baht, total income is 21,877.25 million baht, and net profit is 2,783.11 million baht.
