Bangkok, 20 March 2019 – The SEC is instructing the new Board of Directors of Inter Far East Energy Corporation Public Company Limited (IFEC) to arrange for the company and its subsidiaries to submit the respective, audited financial statements promptly.
The SEC’s instruction followed the latest developments within IFEC organization, namely the resolution of IFEC Extraordinary Shareholders’ Meeting No. 1/2561, appointing new directors to fill in the vacancies, the company’s registration of the replacing directors with the registrar at the Department of Business Promotion, the Ministry of Commerce, the registrar’s acceptance of the registration of the six new directors on 8 March 2019, causing the IFEC Board to fully comprise 8 directors,and the resolution appointing Chairman and Chief Executive Officer by the Board of Directors Meeting No. 1/2562 (urgent case), effective since 11 March 2019. The SEC views that since IFEC Board of Directors is now eligible to form a quorum, the company should be able to proceed and seek solutions for the pending issues that are affecting its business operation.
Specifically, the SEC is instructing IFEC to ensure that the company and the subsidiaries will prepare the respective financial statements, have the auditor audit the financial statements, and submit the audited financial statements to the SEC, as well as deliver and disclose the financial statements to the Stock Exchange of Thailand (SET) without delay so that IFEC would be qualified for removal from delisting, which would be beneficial to all shareholders and creditors.