SET probes eastern wire over incomplete disclosure

Its report will be forwarded to the Securities and Exchange Commission and will require a deeper investigation.

Sakkarin Ruamrangsri, SET vice president for the legal department, yesterday said EWC frequently failed to comply with rules requiring disclosure.

"Every time the company makes any change, it has never informed the SET, prompting the exchange to make a request for information," he said.

"Previously, EWC did not hold a shareholders' meeting and the SET had already sent this information to the Commerce Ministry. We must follow up how the ministry will act.

"We are investigating if the company is involved with incomplete disclosures. If so, it could be breaking the law."

In the morning session yesterday, the SET stopped trading in EWC stock before suspending the shares in the afternoon after it failed to provide information regarding an estimate of a loss made by its subsidiary Ua Withya (UWC).

The SP (suspension) sign will be lifted when EWC makes a complete disclosure on the matter.

The SET action came after EWC had reported UWC would post a loss of Bt167 million from a government bidding project early this year as the cost of materials had risen.

"We are waiting for EWC to submit information about its forecast for UWC's loss," he said.

"It must explain why it failed to disclose the matter to investors," he said.