Published on November 2, 2007
Director Somkid Wangcherdchuwong said in a statement to the exchange that the company was awaiting the decision of the Arbitration Court on the contingent liabilities or compensation for damages arising from the illegal termination of the concession agreement.
"The compensation depends on the final ruling, which cannot be predicted and may have a significant effect on the company in the long term."
As of June 30, iTV's shareholders' equity was minus Bt1.948 billion, and it shouldered Bt330 million in interest per annum from the disputed concession. To avoid being delisted, it needs a new business that can generate a minimum profit of Bt1.948 billion.
The Finance Ministry will follow a court ruling to nullify the previous appointment of high-ranking officials, Deputy Finance Minister Sommai Phasee said yesterday.
"I have ordered permanent secretary Suparut Kawatkul to abide by the court's ruling within 30 days," Sommai told a press conference.
The Central Administrative Court on Wednesday ordered Suparut to abide by an Supreme Administrative Court earlier verdict to nullify the appointment of three officials at the Revenue Department. Suparut was accused of neglecting the verdict.
Thailand's PTT has expressed interest in the Batangas-Manila pipeline project and a 140-kilometre pipeline to be built between Manila and the northwestern Philippine province of Bataan, said Rafael del Pilar, president of state-owned PNOC Exploration.
PNOC Exploration's parent firm, Philippine National Oil, signed a memorandum of understanding with PTT to conduct a feasibility study on the projects, he said.
China's PTT Petrochina and Russia's Gazprom are interested in building a 80-100 kilometre pipeline that would bring natural gas to Manila.
Philippine Daily Inquirer/Asia News Network