Bangkok: The Stock Exchange of Thailand (SET) has requested Plus Tech Innovation Public Company Limited (PTECH) to clarify information in its 2024 financial statements, in which the auditor expressed a qualified opinion on the issue of the value of the provision for lost assets and made observations on the material uncertainty regarding the Group’s ability to continue as a going concern.
According to Thai News Agency, the company is required to provide clarification via the Stock Exchange of Thailand’s information disclosure system by April 3, 2025. Additionally, the opinions of the Board of Directors and the Audit Committee must be clarified by April 10, 2025. Investors are also advised to study the financial statements closely and follow the company’s clarifications.
The 2024 financial statements reveal that vending machines valued at 89 million baht, accounting for 32% of all machines, are either lost or do not match the asset register. A loss of 12 million baht was recorded due to 184 missing vending machines, with legal action underway. A provision for lost assets of 77 million baht was recognized concerning 1,171 vending machines with unexplained discrepancies between records and actual assets. The board has acknowledged the appointment of an investigation committee to determine the cause, with results expected by March 31, 2025.
Additionally, the total expected credit loss allowance increased to 101 million baht from 2 million the previous year. This includes a provision for losses from management fee debtors associated with Sabai Technology PCL, a major shareholder, amounting to 60 million baht, alongside provisions for overdue trade debtors.
SET has outlined specific issues requiring clarification from PTECH. First, the company must explain the incident of lost assets and provide results from the ongoing investigation, including measures for internal control and asset management to prevent recurrence. The impact on operations, given the company’s reliance on the vending machine business, must also be clarified.
Second, PTECH must address the substantial increase in expected credit loss for current and trade receivables, detailing the quality assessment of receivables and compliance with credit loss policies, along with debt collection strategies.
Lastly, the Board of Directors and Audit Committee must share their views on the sufficiency of internal controls and supervision measures, especially in transactions involving potential conflicts of interest. The company must disclose progress in addressing these issues with each quarterly financial statement or upon significant developments.