By Reuters and published by CNA
THAILAND’S largest builder Italian-Thai Development is negotiating with banks for new loans due to cash flow issues that have prompted it to make partial salary payments, the company said yesterday (Mar. 13).
Italian-Thai Development told the Stock Exchange of Thailand that revenue from construction projects remained smaller than its overall expenses.
It expects negotiations with banks to be concluded within two to three months. Once new loans are granted, its financial situation should return to normal within another two to three months, the company said.
“This issue could lead some employees to resign or refuse to attend work. However, the company has already negotiated with them and partially paid their salaries,” it said.
Banks, as creditors supporting the construction projects, have already assisted the company with this issue, it added.
Trading of Italian-Thai was suspended this month after the company said it would miss the deadline for submitting its full-year results due to an additional review by its auditors.
CAPTIONS:
Top: The sun sets behind buildings on New Year’s Eve in Bangkok on December 31, 2022. File photo: Reuters/Chalinee Thirasupa and published by CNA
Front Page: Italian-Thai Development logo overlaid on an image of a construction site. Photo: Matichon
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