Better World Green Plc (BWG), the SET-listed industrial waste management firm, sees a rosy road ahead after the Supreme Administrative Court on Wednesday dismissed a case filed against it.
A group of Saraburi villagers in 2003 filed a complaint with the Central Administrative Court against government officials for negligence after an operating licence for BWG was approved.
The plaintiffs asked the court to revoke the licence and compensate residents for monetary losses stemming from adverse health effects directly related to the company's business.
The court dismissed the case in 2007. An appeal was filed later that year, and the Supreme Administrative Court upheld the verdict on Wednesday.
"The ruling proves the company has complied with the law in every regard. I'm certain this will restore investor confidence," said Suwat Luengviriya, the president and chief executive.
He admitted there could be be further complaints from the same group but said this court decision will set a precedent for future cases.
The outcome of this case will lift the confidence of communities, relevant agencies and customers about what BWG is doing, said Mr Suwat.
"Now that all the charges against us have been dismissed, we can move on with our various projects, while customers who previously had concerns about this issue will be happy to work with us again," he said.
This year, BWG expects revenue growth of 20% over last year's 1.06 billion baht on the back of increased levels of industrial waste and tougher government measures on disposal.
Last year's net profit was 75.9 million baht, down from 97.4 million in 2011.
The Industry Ministry last month set a date of Sept 30 by which all industrial waste must be legally disposed.
Earlier, the ministry projected at least 80% of industrial waste in 20 types of factories would be legally disposed last year, but only 1,515 plants or 41.6% complied as of Feb 20.
But that proportion still represented a substantial increase from the 21% seen at the project's start in May 2010.
A total of 3,641 factories are on the list of 20 types of plants that produce hazardous waste.
Witoon Simachokedee, the industry permanent secretary, said factories failing to abide by the law will face a maximum fine of 200,000 baht, while their operating licence, which must be renewed every five years, may not be renewed.
Shares of BWG closed yesterday on the SET at 2.08 baht, down four satang, in trade worth 111 million baht.