Bangkok: The Stock Exchange of Thailand (SET) has issued a directive for Advanced Connection Corporation Public Company Limited (ACC) and Beyond Securities Public Company Limited (BYD) to provide detailed clarifications concerning their financial statements. Investors have been advised to scrutinize these statements closely, with the companies expected to respond through SET’s information disclosure system by June 17.
According to Thai News Agency, the SET has specifically asked ACC to address issues found in its first-quarter financial statements for 2025. The auditors highlighted conditions and observations regarding ACC’s investment in RTS, particularly pointing out irregularities in the capital increase registration of RTS prior to ACC’s investment. Additionally, the financial statements contain concerns about overdue loans and debtors, which may point to weaknesses in ACC’s internal control systems, potentially impacting its financial health and performance.
Similarly, BYD has been instructed to elucidate its financial situation as revealed in its first-quarter 2025 financial statements. The auditors noted BYD’s ongoing financial losses over the past three years, with shareholders’ equity falling below 100% of the paid-up capital, leading to a CB classification for the company. The company reported a net loss of 241 million baht this quarter, a staggering increase of 677% from the same period last year, largely due to a 315 million baht allowance for expected credit losses, with most of it linked to loans to associates initiated in this quarter.
The SET has requested further details from BYD regarding the loan consideration process, including the names of borrowers, their shareholding proportions, and the terms and purposes of the loans. It seeks clarity on the financial position and performance as of the loan approval, the rationale behind the allowance for expected credit losses, and the measures in place for debt collection.
Additionally, there is a demand for an explanation regarding the additional impairment of 73 million baht set aside for TSB, along with an analysis of TSB’s future debt repayment capabilities, the anticipated impact on the company, and the strategies for recouping these debts. The SET is also interested in understanding the policies of BYD’s Board of Directors and Audit Committee concerning these lending transactions, focusing on the approval processes and supervisory measures implemented.