Bangkok: The Stock Exchange of Thailand (SET) has called upon Kingsmen C.M.T.I. Public Company Limited (the Company) to provide further details regarding the board of directors' decision to suspend the annual dividend payment for 2024 by May 21, 2025. This request follows a deviation from the resolution previously approved by the shareholders' meeting. Investors are advised to monitor this clarification closely and thoroughly review the company's information before making any investment decisions.
According to Thai News Agency, the Company's board of directors resolved on May 16, 2025, to convene an extraordinary general meeting of shareholders. The meeting aims to secure approval for the suspension of the 2024 dividend payment, which contrasts with the general meeting of shareholders' prior decision to pay dividends at a rate of 0.03 baht per share. The suspension is attributed to the Company's repurchase of shares exceeding the retained earnings, which prevents it from disbursing dividends. This extraordinary shareholders' meeting is scheduled for June 30, 2025. Furthermore, the Company has submitted revised financial statements for the first quarter of 2025. These statements now reflect an accumulated loss of 10 million baht, a significant change from the previously reported accumulated profit of 16 million baht as of May 13, 2025.
The SET considers these changes in dividend payment information and financial statement amendments crucial for investors' decision-making. Consequently, it has requested the Board of Directors and the Audit Committee to clarify the information through the Stock Exchange of Thailand's information disclosure system by May 21, 2025. The required clarifications include the impact on investors due to changes in dividend payments, the date when the board was informed about the inability to pay dividends, and the rationale behind the share repurchase exceeding the retained earnings limit, which contradicts legal stipulations.
Additionally, the SET seeks explanations on the impact of the Q1 2025 financial statement amendments, which resulted from reallocating retained earnings as a reserve for treasury shares, consequently transforming retained earnings into retained losses. The SET also demands that the Company outline the actions taken to address these incidents, including investigations into their causes and measures to prevent recurrence.
Simultaneously, the SET advises investors to scrutinize the Company's information carefully before making investment decisions and to stay updated with the Company's announcements. Investors are encouraged to attend the extraordinary shareholders' meeting on June 30, 2025, to gain further insight.