THL to resume share trading
Play
Tongkah Harbour is ready to resume share trading in the Stock Exchange of Thailand after successful financial restructuring.
The company informed the exchange yesterday that it had raised capital by Bt982 million through a private placement and rights offering for 19.645 million shares.
Under the business rehabilitation plan, the company must be recapitalised by Bt1.17 billion within March 24.
Wijit Jiemwijitkul, chief executive officer, said that though the proceeds were under the target, the amount was enough to repay accumulated debts.
From total debt of Bt2.88 billion, it needed to repay only Bt539 million and that was completed on March 28.
"The debt repayment was completed ahead of the 5-year plan. This allowed the company to immediate return to profitability," Wijit said.
All executives will convene a meeting next month, aiming to complete the company's investment strategies and business plans within May.
