The Italian-Thai Development Public Company Limited, or ITD, appears to be in dire straits after previously deferring bond payments and, more recently, is in arrears in paying employee salaries from the February 2024 period.
From the case of workers Italo-Thai Development Public Company Limited or ITD He joined a group to demand that the company was in arrears in paying the salaries of employees, including construction workers on various projects. If we look back at the business problems of ITD I found it
In early 2024, during the month of January. The Securities and Exchange Commission (SEC) has issued a warning to holders of 5 series of ITD bonds, namely:
Workers protest to demand wages after ITD is in arrears and incomplete for several installments.
SEC Warns ITD Bondholders to Exercise Voting Rights Debt Payment Deferral Issue for 2 Years
Today’s (March 8, 2024) gold price in the country is starting to stabilize, opening the market 50 baht lower.
1. ITD242A 2. ITD24DA 3. ITD24DB 4. ITD254A and 5. ITD266A using your rights to attend bondholder meetings, study information and ask questions of issuers or bondholder representatives. To receive complete and sufficient information to decide on your vote.
SEC warns owners ITD Bonds There are 5 generations who exercise the right to vote. At the meeting on January 17, 2024, in case of easing in maintaining the debt/equity ratio and extend the maturity date of the bonds for another 2 years.
And in the bondholders’ meeting no. 1/2024 of January 30, 2024, postponed from the meeting of January 17, 2024, which is bond ITD254A, there was no quorum. Therefore, the bondholders’ meeting could not be held and had to be postponed.
The postponement of bond payments, ITD explained, is due to a lack of liquidity problem. As a result, the company failed to honor its bond payments. This is because the country’s overall economy has recently recovered. and the company’s projects are underway and in the process of being delivered to government agency customers.
There is talk of selling a potash mine for $500 million to pay off bonds.
Later there was news that ITD You want to sell a potash mining project Udon Thani Province, worth $500 million, which should be used to repay debt on ITD254A bonds after requesting a 2-year deferral.
Which ITD Potash mining project Udon Thani Province explained to the stock exchange is an investment in a group of subsidiaries in which the Company holds 90% of the shares of the subsidiary and the Ministry of Finance holds 10% of the share capital of the subsidiary.
granted a Type 3 Mining Concession, Underground Mining Potassium Ore Type, dated 23 September 2022, from the Department of Primary Industries and Mining (MDP), Ministry of Industry, 4 lots of the Udon ore body Tai, total area 25,446 rai 1 ngan 49 wah square.
The grant period of the concession certificate is 25 years. The subsidiary is developing the project within the framework of the received concession certificate, including detailed management of the project development plan.
which has been reported in online media Currently, the company Is in the process of considering, selecting and negotiating with joint venture partners who will invest in some parts. And once the process is completed, the company will inform the Stock Exchange of Thailand.
Notice of delay in the presentation of the budget for the year 2023
Later on February 29, 2024, ITD would like to explain to the Stock Exchange of Thailand, shareholders and investors that consolidated and separate financial statements need to be presented. For the year ending December 31, 2023, after as required by relevant laws and regulations.
Because some information is currently being processed by the Company. And the auditor must use another period of time to verify that the financial statement is accurate, complete and reliable.
The company has announced a delay in presenting its annual financial statements. and expects to be able to present this financial statement by March 29, 2024
Subsequently, on March 1, 2024, the stock exchange affixed the SP mark to the securities of listed companies. In the event of failure to submit the financial statements ending December 31, 2023, one of which is ITD.
However, the Italian-Thai Development Public Company Limited operates a construction contracting business both within and outside the country, with Mr. Paith Chakornbundit, the Chairman of the Board of Directors. and Mr. Premchai Executive Chairman of Karnasutha There are over 25,000 employees across the country and there are branches and various construction projects spread around. distributed throughout the national territory Starting from the share capital 6,337,920,861 baht
As for operating results, the company reported a profit of 52.6 billion baht in the first 9 months of 2023. Earnings before interest, taxes, depreciation and amortization (EBITDA) also increased to around 6 billion baht, or an increase of 54%. compared to the same period last year.
Lam has not paid her salary since the February 2024 instalment.
Information from the Ministry of Labor reveals that groups of company employees In many provinces there has been a movement to unite and claim the company Easy payment of outstanding wages from the period of February 2024, including:
- Saraburi province has 3 subsidiaries and 1 joint venture. Yesterday (7 March 2024), a group of 550 Myanmar citizen employees gathered at an event in Wihan Daeng district to demand payment from the company. The salaries of the affected Thai employees have not yet come to claim.
- Pathum Thani province today (8 March 2024) has 7 branches. A group of 20-30 Burmese employees went to Pathum Thani SSC to complain and ask the police to intervene on behalf of the company. Salaries have been paid since February.
While on the company page there were people who came to express legal opinions regarding the company’s case. Failure to pay salaries and I saw posts asking questions and reporting issues that the company had not yet paid salaries (without specifying which branch/province they worked in)
This is because the company has branches in many provinces of the country, such as Bangkok, Nakhon Ratchasima, Udon Thani, Chachoengsao, Samut Prakan, Chonburi, Rayong, Phuket, Chiang Mai, Lampang, etc.
Many employees are expected to be affected by unpaid wages. Including subcontracting employees will band together to request and file a complaint, Kor.7, with the labor inspectors of each province where the branch is located. The Labor Relations Office will monitor the progress and report further.
At 10.45am PPTV telephoned to request information from the corporate communications department of the Thai-Italian public development company. to inquire about such events I have received information from officials that Headquarters has not received any reports of the incident. If there is more information, details will be communicated to the media later.
#ITDs #karma #wrong #billion #baht #bonds #issue #wages #workers #construction #sites #PPTVHD36
