SET calls for clarification from IEC and Bliss-Tel
The Stock Exchange of Thailand (SET) has asked both International Engineering Plc (IEC) and Bliss-Tel Plc to clarify whether they appointed Seamico Securities as a financial adviser after the brokerage denied their reports.
Due to the information discrepancy, the exchange has requested IEC and Bliss-Tel to state the date of employment, counter parties, scope of service and the names of persons of the three firms involved in contacting, appointing and valuing IEC Mobile's assets. The SET has asked for materials including the valuation report of IEC Mobile's assets, contract of employment and payment receipts, the SET said in a statement yesterday. Seamico Securities dismissed a report that IEC and Bliss-Tel jointly hired the company to conduct asset valuation of IEC's subsidiary, IEC Mobile. Earlier, IEC and Bliss-Tel reported that IEC Mobile's assets as of June 30 had a book value of Bt10.51 million, while Seamico Securities priced it at Bt314.34 million and another financial adviser of Bliss-Tel estimated it at Bt213.44 million. Seamico Securities' appraisal price is crucial as it is the benchmark for a deal involving the issuance of 47 million capital increased shares in exchange for IEC Mobile's assets. The SET required the clarification and further details before Thursday.
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