SET orders MORE to clarify financial statements for the first 6 months of 2023 and investment sources. Remind investors to study MORE's financial statements and follow the company's explanations.
The Stock Exchange of Thailand (SET) requests MORE to clarify information in the financial statements for the 6-month period of 2023 regarding short-term loans to associated companies. Receipt of the deposit of accrued royalties from the associated company. Advance payments, deposits, share purchases, and investments in various securities total 357 million baht (representing 20% of shareholders' equity).
Summary of information in the financial statements for the 6-month period of 2023
1.Short-term loans to associated companies and accrued royalty deposits from MORE MONEY during the 6-month period of 2023, the company has short-term loans to associates of 149 million baht, which at present the company There is only one associated company that is still operating business, which is MORE MONEY (a 25% associated company doing concert management business). More MONEY has paid-up capital of 2.5 million baht and from the information in the financial statements, there is no profit or loss share from the investment. in an associate company
In addition, the company paid a deposit for the rights to organize the ROLLING LOUD concert of USD 1.2 million (50 million baht). As of 31 Dec. 2022, the company collected the deposit for the royalties back from MORE MONEY, but still listed the outstanding balance. Under trade and other receivables – associated companies
Issues that the company would like to clarify: Reasons and necessity for providing short-term loans to associated companies. and assessment of debt repayment ability and progress in collecting royalty deposits
2. Investments paid in advance Deposit for purchasing shares and investing in equity instruments From the information in the financial statements, important investment items appear as follows:
Issues that the company would like to clarify: Source of funds used for investment. Criteria and information for considering paying the entire investment amount in advance Criteria for placing a deposit for purchasing shares, reasons, suitability and consistency of opening a securities trading account with the company's business objectives. Including the implementation of relevant approval powers.
Including asking to explain the information used by the board of directors and the audit committee in their consideration along with the board's reasons for approving the transactions according to items 1 - 2, that they have carefully considered in order to avoid any impact. How does it affect the operating results, liquidity, and financial position of the company?
Source: Thai News Agency