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Published on February 27, 2008

The SET has several times, including last week, demanded an explanation from Picnic on the forced transfer of World Gas shares.

However, Picnic has delayed responding to the SET's requests, saying the last time that it could not provide information until the Central Bankruptcy Court decides on its business-reorganisation petition filed last month.

This time, Picnic said it needed more time to wait for Asset Million's permission to disclose details of the transaction, as it is bound by a confidentiality agreement.

The company said it was in the process of obtaining written consent from Asset Million and expected to receive it by March 7. Therefore, Picnic would like to postpone the additional clarification of the transaction to March 10, it said.

Trading in Picnic's stock has been suspended by the SET since March 14, when it was priced at Bt0.21.

On February 19, Picnic reported to the SET that its creditor Asset Million, an unrelated party, had exercised its legal right to confiscate 7.99 million shares of World Gas due to Picnic's inability to repay debt on time.

However, the SET demanded Picnic explain the transfer involving one creditor, while it has multiple creditors including Krung Thai Asset Management (KTAM).

KTAM represents nine funds that invested Bt1 billion in Picnic's bills of exchange. If the court allows Picnic to proceed with its Bt6-billion debt-restructuring plan, KTAM's remaining Bt300-million stake in the bills will be frozen for at least three to four years.

The SET earlier said it considered the World Gas transfer a significant transaction.

The Nation