Bangkok: The Stock Exchange of Thailand (SET) has requested EE to provide additional information regarding the company's lack of operating income and the search for new businesses. Investors are requested to follow the company's clarification and study its information before making an investment decision.
According to Thai News Agency, the Stock Exchange of Thailand announced that it has requested Techlead NPN Public Company Limited (EE) to provide additional information regarding the company's lack of operating income in its financial statements for the first quarter of 2025. The company has temporarily suspended its hemp-cannabis cultivation business and is considering expanding its investment in new businesses in the technology and information industry (Tech business), which may affect the company's financial position and performance. The company is requested to provide information via the Stock Exchange of Thailand's information disclosure system by May 22, 2025. Additionally, the opinions of the board of directors and the audit committee should be provided by May 29, 2025. Investors are urged to study the company's information carefully before making an investment decision and to follow the company's clarification regarding its business operations.
EE submitted its financial statements for the first quarter of 2025, ending on March 31, 2025, without any income from operations. The company explained that it had temporarily suspended its hemp-cannabis cultivation business because it was not worthwhile investing in cultivation, and is considering expanding its investment in new businesses in the technology and information industry (Tech business). This information is detailed in EE's financial statements and management's discussion and analysis for the first quarter of 2025, dated May 15, 2025. The suspension of the core business and consideration of new businesses is critical to the company's financial position and performance, impacting investors' decisions. Therefore, SET requests EE to provide clarification by May 22, 2025. For the opinions of the board of directors and the audit committee, clarification is required by May 29, 2025.
The company is expected to outline its new business study plan, including an expected time frame for concluding the investment feasibility study. Progress reports must be submitted to SET when there is significant progress or when financial statements are submitted, whichever comes first, until the investment is complete and income is generated from this new business. An action plan during the period when the new business has not yet generated income is also required.
Further, the current status of the hemp-cannabis cultivation business, including land, machinery, equipment, inventory, debtors, creditors, personnel, etc., must be outlined, along with the plan to manage such assets, debts, and personnel. The impact on the company's financial position should also be disclosed.
The delay in core business operations, resulting in no income from operations in the financial statements for the first quarter of 2025, is material information that must be disclosed immediately, as per the relevant regulations. The date on which the Board of Directors resolved to delay such business operations, along with the reasons for not disclosing the resolution immediately, and the opinions of the Board of Directors and the Audit Committee on the company's failure to disclose this information promptly, are required.
The Stock Exchange of Thailand advises investors to study the company's information carefully, including financial statements, operating results, auditor's opinions, past news, risks, and other related factors, and to closely monitor the progress of the company's new business acquisition.