Jasmine appeals order to repay financial creditors B33m

SET-listed telecom operator Jasmine International Plc (JAS) has appealed the Central Intellectual Property and International Trade Court’s decision to pay its financial institution creditors 33 million baht.

The court’s decision requires the company to pay its financial institution creditors 33 million baht, together with the Libor interest rate of 4% per year from Sept 15, 2003 until the company repays the creditors in full, Jasmine said in a release.

The amount claimed by the creditors against the company was discharged in accordance with the company’s business rehabilitation plan in 2003, but because the Supreme Court rendered the decision to revoke the order for business rehabilitation in 2013, the creditors then initiated its claim against Jasmine at a later date, the company said.

“The company would like to exercise the right to appeal the decision within one month as prescribed by law, or within the extended time period permitted by the court,” Jasmine said.

Jasmine has recorded contingent liabilities of some 15.8 million baht, and the company remains confident that the court’s decision will not have any adverse impact on the company’s business operations.

In 2014, a group of financial institution creditors filed lawsuits against Jasmine, demanding the company repay debts.

High winning prices in the 900-megahertz auction were mainly driven by mobile arm JAS Mobile Broadband, which secured a licence slot but failed to make the first licence payment in March 2016.

Jasmine’s payment failure resulted in the immediate termination of the right to provide 4G wireless broadband service.

Jasmine had its slot and a 645-million-baht deposit guarantee confiscated, and the company was ordered to pay a 200-million-baht fine.

JAS shares closed yesterday on the Stock Exchange of Thailand at 5.50 baht, down five satang, in trade worth 119 million baht.