TAPAC prepares to appeal against Subsidiary issues in Sweden Submitted to bankruptcy proceedings

TAPAC prepares to file an appeal against C4Hus AB's subsidiary in Sweden filing for bankruptcy proceedings. After experiencing continuous losses over the past 2 years

On April 29, 2024, Tapaco Public Company Limited ( TAPAC) informed the Stock Exchange of Thailand that its subsidiary, C4Hus AB of Sweden (C4Hus), has been experiencing continuous losses over the past two years, primarily due to the impact of the Russo-Ukraine War.

This results in inflation. and interest rates increased (Current interest rates The Bank of Sweden's policy is now 4.5% from 1.0%), including banks slowing down lending to both entrepreneurs and buyers. This affects the residential business, causing C4Hus to face a lack of liquidity.

On April 11, 2567, the Swedish directors of C4Hus filed for bankruptcy proceedings. (According to Swedish law If the company has signs of lack of liquidity, such as not being able to pay taxes, salaries, loans from financial institutions, etc., the company can submit to bankruptcy proceedings without needing a resolution from a board meeting. or resolution of the shareholder meeting If not submitted to the committee The company must be responsible for paying the debt until the next payment.

A Swedish court appointed Trustce to act on the same day C4Hns filed for bankruptcy.

After the company (TAPAC) learned of the matter The company has discussed with the company's auditor. and C4Hus auditors and law firms in Sweden. to consider appropriate action

The company has appointed Baker and Makenzie of Sweden as its legal counsel to handle this matter. An appeal against the bankruptcy can be filed until May 2, 2024 (three weeks after the bankruptcy filing), and the company is currently preparing to file the appeal.