กรุงเทพฯ--5 ส.ค.--ABM Connect
In response to a settlement of fine made by the Trade Competition Commission ("TCC") with M-150 Co., Ltd. on August 1, 2019, Osotspa Public Company Limited ("Company") would like to clarify that M-150 Co., Ltd. has already ceased its operations since 2015 and is currently under the liquidation process for dissolution. The dissolution of M-150 Co., Ltd. was part of Osotspa group's corporate restructuring before the Company being listed on the Stock Exchange of Thailand. The information as to this matter was disclosed in the Company's prospectus which was submitted to the Office of the Securities and Exchange Commission and the Stock Exchange of Thailand prior to the Company's being listed on the Stock Exchange of Thailand. Such matter was also disclosed in the Company's annual registration statement (Form 56-1).
With regard to the above matter, the Company would like to further clarify that, in 2012, M-150 Co., Ltd. received a notification from the TCC stating that the TCC had received a complaint against M-150 Co., Ltd. alleging it had violated the Trade Competition Act B.E. 2542 (1999) (now repealed by the new Trade Competition Act). M-150 Co., Ltd. had been fully and truthfully cooperating with the TCC in its investigation until Thailand's new Trade Competition Act B.E. 2560 (2017) came into effect in October 2017. The Trade Competition Act B.E. 2560 (2017) empowers the TCC to impose a fine to settle a case. This resulted in M-150 Co., Ltd. complying to pay a fine to resolve the case, which would allow M-150 Co., Ltd. to complete its liquidation and the winding-up of its operations in accordance with the legal procedures. M-150 Co., Ltd. paid the fine on August 1, 2019. The settlement of fine is undertaken according to the provisions of the new Trade Competition Act B.E. 2560 (2017) which empower the TCC to impose a fine in order to settle cases and resulting those settled cases being resolved. As a result of the settlement, the criminal case was dropped.
The settlement of fine is not relevant to nor affect the business operation of the Company and the M-150 brand, as M-150 Co., Ltd. has ceased its operations since 2015 prior to Company's being listed on the Stock Exchange of Thailand.
Due to the above incident, the Company confirms that it is fully complied with the laws and has taken precautions and preventive measures to establish and maintain a product distribution strategy that ensures integrity, regulatory compliance, fairness and efficiency.