Earlier,
the SEC notified SAM to rectify the financial statements for the year 2024 and
the second quarter of 2025, including the affected comparative periods, which
was a consequence of the special audit findings that SAM submitted to the SEC revealed
several issues affecting the accuracy of inventory-related
accounting records. As a result, SAM has to submit the rectified financial
statements that have been audited and reviewed by the auditor and
simultaneously report the disclosure of related information under Section 56 of
the Securities and Exchange Act B.E. 2535 (1992) to the SEC. Additionally, the
rectified financial statements and the related reports must be disclosed
publicly via SETLink by 8 December 2025. SAM later made a request for an
extension of submission deadline of its rectified financial statements for the
reason that SAM is currently coordinating with the relevant auditors to audit
and review the rectified financial statements for the year 2024 and the second
quarter of 2025. The SEC has therefore allowed SAM to submit the rectified
financial statements by 8 January 2026.
Subsequently,
SAM requested a second extension of the submission deadline of its rectified
financial statements for the year 2024 and the second quarter of 2025 as SAM is currently arranging a meeting with the
relevant auditors to align the rectification process of the financial
statements for the year 2024. Afterwards, SAM will rectify the financial
statements for the second quarter of 2025, including the affected comparative
periods.
The
SEC has reviewed the request and determined that SAM became aware of the issues
from the special audit report since July 2025, which is more than six months.
Therefore, SAM has sufficient time to complete the rectification and submit the
financial statements within the prescribed extended deadline. Moreover,
financial statements constitute essential information for investors and
shareholders in making investment decisions and monitoring the performance of
listed companies. The SEC finds no sufficient justification to approve SAM’s
request for a further extension of the submission deadline for the rectified financial
statements for the year 2024 and the second quarter of 2025. Accordingly,
the SEC has instructed SAM to expedite the submission of the financial
statements and related reports, and to promptly disclose the financial
statements to the public via SETLink without delay.
In
addition, with reference to the auditor’s qualified conclusion on SAM’s
financial statements for the third quarter of 2025, the management is currently
adjusting the inventory value to its net realizable value as at 31 December
2023 as noted in the special audit report. Therefore, the SEC has notified SAM
to rectify the financial statements for the third quarter of 2025, including
the affected comparative periods, and submit the rectified financial statements
that have been reviewed by the auditor to SEC and simultaneously report the
disclosure of related information under Section 56 of the Securities and
Exchange Act B.E. 2535 (1992). Additionally, the rectified financial statements and the
report of the rectification must be disclosed publicly via SETLink by 6 February
2026.
Remark: * related news:
1. SEC News No. 312/2025
headlined: “SEC allows extension of deadline for
submitting SAM’s rectified financial statements” released
on 4 December 2025:
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=12300
2. SEC News No. 285/2025
headlined: “SEC notifies SAM to rectify financial
statements for the year 2024 and Q2
of 2025” released on 7 November 2025:
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=12208
3. SEC News No. 39/2025
headlined: “SEC instructs SAM to conduct a special audit
on concerns regarding the sale of goods below cost” released
on 24 February 2025:
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=11575