SET - The Stock Exchange of Thailand

01/11/2022 | Press release | Distributed by Public on 01/10/2022 20:57

SET announces that IFEC has entered the period for the repossession of qualifications in order to resume trading (Resume Stage) as the auditor issues a disclaimer opinion on[...]

Date/Time
11 Jan 2022 09:52:15
Headline
SET announces that IFEC has entered the period for the repossession of qualifications in order to resume trading (Resume Stage) as the auditor issues a disclaimer opinion on the financial statements for 3 consecutive years
Symbol
SET
Source
SET
Full Detailed News
                According to the announcement of the Stock Exchange of Thailand (SET) that Inter
Far East Energy Corporation Public Company Limited (IFEC) is subject to
possible delisting as the auditor issues a disclaimer opinion on the financial
statements for 3 consecutive years.

Currently, IFEC has already removed the cause of possible delisting as mentioned
above by submitting the financial statements for the year ended 2020 which the
auditor expressed qualified opinion. Therefore, SET announces that IFEC has
entered the period for the repossession of qualifications in order to resume
trading (Resume Stage) which IFEC must take actions to repossess the
qualifications in order to resume trading within January 6, 2024 . If IFEC is
unable to repossess the qualifications in order to resume trading within the
specified period, SET may consider delisting the company's securities
accordingly.

However, IFEC is still during the period for the elimination of the grounds for 
delisting about performance and financial position as the audited financial
statements show that the equity is negative and also during the period for the
repossession of qualifications in order to resume trading (Resume Stage) from
failure to submit the financial statements within specified deadline.
Consequently, IFEC still has duty to eliminate all causes of delisting,
including to repossess the qualifications in order to resume trading within
specified periods for each cause. In addition, the timeline for IFEC is
summarized as follows.
-    Period for the repossession of qualifications in order to resume trading 
(Resume Stage)
o    As the company submitted the late financial statements: The company must 
repossess the qualifications in order to resume trading within April 1, 2022.
o    As the auditor expressed opinion to the financial statements: The company must
 repossess the qualifications in order to resume trading within January 6, 2024.
-    As the company's equity is negative: The company must eliminate the ground for
 delisting within April 15, 2022.
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