Mitihoon – Bangkok, 7 November 2025 – The Securities and Exchange Commission (SEC) has notified Samchai Steel Industries Public Company Limited (SAM) to rectify the financial statements for the year 2024 and the second quarter of 2025, including the affected comparative periods, have them audited and reviewed by the company’s auditor, and subsequently submit them to the SEC. SAM is also required to make simultaneous disclosure through the Stock Exchange of Thailand’s Electronic Listed Company Information Transmission System (SETLink) by 8 December 2025.
Earlier, SEC instructed SAM to conduct a special audit on concerns regarding the sale of goods below cost, as published in SEC News No.39/2025 dated 24 February 2025*, which was a consequence of the auditor’s qualified conclusion on SAM’s financial statements for the first three quarters of 2024. In this regard, the auditor stated that they were unable to review the inventory. SAM explained that this inventory consisted of obsolete and damaged goods that were no longer usable, consequently necessitating sales below cost. However, the auditor was unable to verify this claim and found no supporting evidence to confirm the stated facts.
Afterwards, SAM submitted the special audit report to the SEC on 9 July 2025 and disclosed the special audit findings. The special audit report revealed several issues affecting the accuracy of inventory-related accounting records, such as the adequacy of the allowance for diminution in value of inventory, the accuracy of inventory’s unit cost, and the correctness of accounting records for inventory’s cost and cost of sales. These issues were not in compliance with the relevant financial reporting standards.
In addition, with reference to the auditor’s qualified conclusion on SAM’s financial statements for the second quarter of 2025, the management is currently adjusting the inventory value to its net realizable value as at 31 December 2023 due to an understatement of the allowance for diminution in value of inventory, as noted in the special audit report. The inventory was entirely sold during 2024, which may affect the reversal of the allowance for diminution in value of inventory in the statements of comprehensive income for the second quarter of 2024, presented for comparative purposes, and appears to be materially misstated.
Therefore, the SEC has notified SAM to rectify the financial statements for the year 2024 and the second quarter of 2025, including the affected comparative periods, and submit the rectified financial statements that have been audited and reviewed by the auditor to SEC and simultaneously report the disclosure of related information under Section 56 of the Securities and Exchange Act B.E. 2535 (1992). Additionally, the rectified financial statements and the report of the rectification must be disclosed publicly via SETLink by 8 December 2025.
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