Sermsin concerned ban will affect business
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Thursday's order issued by the Securities and Exchange Commission (SEC) to ban eight directors of Nation Multimedia Group (NMG) will cause severe damage to its business operations at a crucial tipping point in the media landscape, according to NMG execut
In wake of the "half"sign against NMG shares posted by the SET this morning, Sermsin Samalapa, chairman of NMG's executive committee, told a press conference that he wanted further explanation and advice on how the company should run its business without any authorised directors.
"We are talking with a number of both local and international clients, banking and financial institutes, business partners and government authorities. In the meantime, some agreements are underway. What should the company do next?" he asked.
He added that NMG’s strategic plan for transformation towards the digital world and intense competition in the media industry was firmly on track under the current executive administration. The unexpected ban order would potentially lead to severe business damage that would affect not only to the company as a whole but also thousands of employees and all shareholders.
"Given this tough situation, the SEC could offer further ways out in this regard, as both external and internal management are likely to be halted, too," he said.
