"The Board of Governors has considered the progress reports of all the listed companies in the REHABCO Sector and has found that RR, S-VARA, WFC, PP, and CNTRY all fall into the category where their problems, that are grounds for delisting could not be resolved. These companies either did not show adequate progress in their debt restructuring or showed so little progress that it seemed unlikely that their operations could remain viable. Some owned no core assets and no income from operations. Some opted for a debt-restructuring plan that failed to take into account the retail shareholders' benefits. "
"All companies above are subject to rehabilitation and have been moved into the REHABCO Sector for more than three years, thus, by virtue of Section 171(4) of the Securities and Exchange Act B.E. 2535 (1992), the SET Board resolved that these five listed companies be delisted," Ms. Patareeya said.
Ms. Patareeya also add that: "In 2003, a total of eight listed companies in the REHABCO Sector have been able to resolve their problems successfully and have returned to their normal sectors. The 27 listed companies remaining in the REHABCO Sector, of which securities have been suspended from trading, have currently not yet been considered for delisting. The SET recognizes that each company has a clear rehabilitation plan and has been trying to improve its financial standings as well as operational performance. Nevertheless, the SET would like to insist that major shareholders responsible for managing the company, as well as the creditors, quickly proceed to improve financial conditions far beyond the level required to remain listed when it comes to the next round of considerations six months from now. Companies seeking to secure their listings on the bourse are recommended to take into consideration the debt-to-equity conversion and to protect both the benefits to their shareholders and to the public as a whole."
