Financially beleaguered development firm Italian-Thai Growth (ITD) hopes to obtain extra monetary backing from lenders to finish over 100 ongoing development duties whereas additionally vying for added tasks from the now lively 2024 fiscal price range.
ITD, listed on the Inventory Alternate of Thailand (SET), has plans within the pipeline to dump its non-performing property, together with Asia-Pacific Potash Corp. In the meantime, a consortium of Thai-Chinese language traders has proven curiosity in buying the infrastructure, ITD had invested in at Myanmar’s Dawei Particular Financial Zone, in response to executives’ assertion yesterday.
Chatichai Chutima, senior deputy chief government for finance at ITD, displayed a constructive outlook as the corporate’s debenture holders consented to increase funds by two years for its 5 tranches of debentures that complete greater than 14 billion baht.
Debenture holders additionally agreed to ITD’s proposal to regulate the debt-to-equity ratio for the fiscal years 2023 to 2025 and permitted the corporate to start debt restructuring discussions with banks, he added.
“Now we have secured some further loans from banks and strongly imagine that the continued negotiations will conclude favourably, permitting the corporate to maintain our operations.”
Chatichai shunned revealing the quantity ITD has sought from banks.
Debt restructuring
ITD’s shares have been on suspension on the SET since March 29, as the corporate’s auditor declined to precise an opinion on the monetary statements of the agency or has been unable to precise confidence in them. This example might set off the necessity for an modification in response to the Securities and Alternate Fee’s necessities.
As per SET knowledge, ITD’s complete income final yr stood at 64.5 billion baht, a decline from 67.8 billion baht in 2022, whereas internet losses decreased to 1.07 billion baht from over 4.75 billion baht. Between 2020 and 2023, the contractor reported complete losses exceeding 7 billion baht.
As soon as the main contractor in Thailand by market capitalisation, ITD’s complete liabilities approached 107 billion baht as of December 2023.
In mid-March, ITD disclosed that revenue from development tasks was insufficient to cowl general bills and a few staff had not obtained their full salaries. The contractor anticipates resolving the money movement concern inside two to a few months.
Chatichai knowledgeable that ITD has been in talks with the Myanmar authorities after the latter expressed a need to terminate the contract awarded to the Thai contractor in Dawei. A Thai development agency and Chinese language traders have exhibited curiosity in buying ITD’s property and concessions there, reported Bangkok Put up.
The corporate can be within the course of of choosing a monetary advisor for the sale of its potash mining challenge in Northeast Thailand.
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