Bangkok--28 Aug--SET
Thai bourse exempts TPI from being delisted and lifts the NC sign from its securities in the Energy & Utilities sector
"The company is able to meet The Stock Exchange of Thailand's (SET) criteria for being exempt from delisting and having the Non-compliance (NC) sign lifted from its securities from September 6, 2006 onwards", SET Executive Vice President Mr. Suthichai Chitvanich announced.
TPI manufactures and sells the full range of petrochemical goods,with its core business being fuel-related products, under its trademark TPI, as well as petrochemicals, such as olefins, aromatics and plastic raisin.
About 64% of sales go to domestic customers.
TPI has been earning net operating profit from its core business, and its net profits in 2005, and during H1/2006, were THB 60,770 million and THB 6,475 million, respectively. TPI demonstrated positive shareholder equity, as at December 31,2005 and June 30,2006,of THB 100,710 million and THB 107,260 million, respectively. The firm can thus show a strong
financial position and continuing effective performance.The auditor has been able to express his opinion on its financial statement since 2004.
TPI has now completed debt restructuring according its business rehabilitation plan,and the Central Bankruptcy Court ordered the termination of that plan from April 26, 2006. Besides, the company has taken steps to overcome on management qualification and qualifies for listing.
"TPI's securities will resume trading on a continuous basis. Its strategic shareholders, who hold 11,992.50 million shares or 61.50% of paid up capital, have confirmed with the Exchange that they will not sell their securities for at least one year from the day that TPI is exempted from delisting and has its NC sign lifted.(Strategic shareholders are controlling shareholders, directors, and executive management, including related or associated persons, and shareholders who hold shares of over 5%, including related persons.) SET prohibits them from selling more than 25% of their shares during the first six months, while over the next six months,they may sell up to an additional 25% of their shares," Mr.Suthichai added.
The SET posted an NC sign on TPI's securities from July 3, 2006.
As TPI has fulfilled the Exchange's criteria for exemption from delisting, SET will lift the NC sign from September 6, 2006 onwards.
However, investors should closely examine TPI's information, and its information memorandum, before deciding to invest in its securities. Full details have been published on the SET Market Analysis and Reporting Tool (SETSMART).