Delisting risk lifted from WP Energy
The Stock Exchange of Thailand (SET) yesterday removed the possibility of delisting for WP Energy Plc (WP), as the company has complied with the bourse’s regulations and improved its financial status.
The SET has removed the suspended trading sign and the non-compliance sign, while allowing the company’s shares to resume trading in the resource industry on Feb 1.
“The SET acknowledges that WP Energy has completed [its] qualification in compliance with the procedures and guidelines from being delisted,” the bourse said in a release. “In addition, the latest price of the securities might not reflect the securities’ actual value at present. The SET requires shareholders and investors to study the [data] from WP Energy’s information memorandum through the SET’s disclosure system.”
There will be no ceiling or floor price when the company resumes its share trading next month, said the SET.
WP Energy’s seven strategic shareholders, who hold 285,175,000 ordinary shares, will be prohibited from selling their securities for one year.
They will be allowed to trade 25% of all shares after six months from the first trading day.
WP Energy generated a net profit of 108 million baht during the first nine months of 2017.
Shareholder equity was registered at 675 million baht as of Sept 30.
“WP Energy has demonstrated that the company’s financial position and performance are, on an ongoing basis, fairly strong,” said the SET.
WP Energy operates as a liquefied petroleum gas trader under the trademark of World Gas.
Earlier, the SET announced that WP Energy, an entity resulting from the amalgamation of Picnic Corporation Plc and World Gas Thailand Co Ltd, was subject to a possible delisting from Aug 28, 2008 onwards because the company had failed to submit its financial statement for the period ending on Dec 31, 2007.
When the financial statement was submitted, the auditor showed negative shareholder equity amounting to 1.65 billion baht. The auditor also did not provide any opinion on the company’s financial statements for three consecutive years.