Energy Absolute, the Thai renewable energy firm that has seen a significant drop in value due to a fraud investigation, has appointed a new chief executive officer and announced plans to meet with bondholders to request an extension on debt payments.
Chatrapon Sripratum has been appointed as the company’s new CEO, as stated in a recent announcement. He takes over from Somchainuk Engtrakul, who served as director and acting CEO after the resignation of founder Somphote Ahunai last month. The resignation followed an inquiry by the Securities and Exchange Commission into possible fraud involving Mr. Somphote and other executives, a claim he has denied.
Additionally, Energy Absolute has appointed Vasu Klomkliang as the new chief financial officer. The company plans to meet with bondholders to negotiate an extension of 10 months and 15 days for debt payments originally due on August 15. It will also propose increasing the coupon rate from 3.11% to 5%. Furthermore, the firm is seeking additional time to pay green bonds maturing on September 29, for which it will propose raising the coupon rate to 5% as well.
Energy Absolute’s stock has plummeted by 91% this year, fueled by concerns related to its aggressive expansion across various sectors. Last month, Thailand’s Association of Investment Management Companies prohibited new investments in the company, which has also faced credit rating downgrades and has postponed repayment on two bills of exchange.
