SET orders Polaris to disclose more information regarding rehabilitation plan
The Stock Exchange of Thailand requires Polaris Capital Plc to clarify information regarding the company's submission of its insolvency rehabilitation petition through the Central Bankruptcy Court, and disclose it via the SET Disclosure System by Wednesday.
This is needed because facts are inconsistent and different from the previous disclosed information, the SET reported on Monday.
The company’s financial statements for 2016, its latest financial statements submitted to the SET, show it has liabilities of Bt465 million and equities of Bt4.58 billion.
This information has had a significant impact on its shareholders, but it has not disclosed these details via the SET Disclosure System.
Polaris said it could not disclose the information to comply with the SET's regulation due to uncertainty about the rehabilitation process concerning the court's order.
It said the reason it had to submit the rehabilitation petition is the fact it has liabilities of Bt5.254 billion and is facing insolvency.
According to the SET's regulation on the guidelines of the disclosure of information of listed companies, a company has to disclose the information immediately when an application for business rehabilitation is filed by a company or its creditors.
When Polaris submitted the rehabilitation petition through the Central Bankruptcy Court on May 9, it did not disclosed this significant information.
