Ailing Energy Absolute (EA), which has been under investigation over alleged fraud involving former executives, has rescheduled payment of two of its tranches of short-term bills of exchange (B/E) due to tight liquidity.
Asset Plus Fund Management informed unitholders of Asset Plus Fixed Fund Income Daily Plus Fund (ASP-DPLUS) of the delayed redemption of EA24723A and EA24801A B/Es, which are each worth 300 million baht.
EA24723A was scheduled to be redeemed yesterday while EA24801A is due to be redeemed on Aug 1. Now the two tranches are set to be redeemed on Aug 9.
EA is offering a 7% higher interest rate per annum for the delay, costing the company a total of more than 1.55 million baht, including interest, Asset Plus said in a statement.
Asset Plus followed up the issue with EA executives and found that the company "is in the process of seeking additional funding sources to repay debts as scheduled as well as considering other approaches to make the company able to repay the debt in full as quickly as possible," the statement added.
Asset Plus will allocate the money back to unitholders in the ASP-DPLUS fund upon receipt of debt repayment from EA, calculated from the interest rate adjustment together with the redeemed value of two tranches of B/Es.
"We will repay unitholders through accounts linked to the fund and will inform you of the scheduled refunds to be made to all the investors later on," the statement said.
"Asset Plus is committed to closely monitoring the repayment of EA's short-term B/Es and will take the utmost legal action to protect the best interests of investors as a whole."
EA last week informed the Stock Exchange of Thailand (SET) that the renewable energy firm is in the process of negotiating and considering a selection of strategic partners to boost its financial strength, repay debts and develop a sustainable business for the long term.
EA founder and former chief executive Somphote Ahunai and his former deputy Amorn Sapthaweekul resigned after the Securities and Exchange Commission filed an equipment procurement fraud case with the Department of Special Investigation and Anti-Money Laundering Office.
Both Mr Somphote and Mr Amorn as well as a third person denied involvement in the deal which resulted in the three people allegedly receiving benefits of about 3.5 billion baht.