Mitihoon – The Securities and Exchange Commission (SEC) has instructed Samchai Steel Industries Public Company Limited (SAM) to submit the rectified financial statements for the year 2024 and the second quarter of 2025, which have been audited and reviewed by the auditor, to the SEC and publicly disclose them via the Stock Exchange of Thailand’s Electronic Listed Company Information Transmission System (SETLink) without delay. In addition, SAM must rectify the financial statements for the third quarter of 2025 and submit them to the SEC by 6 February 2026.
Earlier, the SEC notified SAM to rectify the financial statements for the year 2024 and the second quarter of 2025, including the affected comparative periods, which was a consequence of the special audit findings that SAM submitted to the SEC revealed several issues affecting the accuracy of inventory-related accounting records. As a result, SAM has to submit the rectified financial statements that have been audited and reviewed by the auditor and simultaneously report the disclosure of related information under Section 56 of the Securities and Exchange Act B.E. 2535 (1992) to the SEC. Additionally, the rectified financial statements and the related reports must be disclosed publicly via SETLink by 8 December 2025. SAM later made a request for an extension of submission deadline of its rectified financial statements for the reason that SAM is currently coordinating with the relevant auditors to audit and review the rectified financial statements for the year 2024 and the second quarter of 2025. The SEC has therefore allowed SAM to submit the rectified financial statements by 8 January 2026.
Subsequently, SAM requested a second extension of the submission deadline of its rectified financial statements for the year 2024 and the second quarter of 2025 as SAM is currently arranging a meeting with the relevant auditors to align the rectification process of the financial statements for the year 2024. Afterwards, SAM will rectify the financial statements for the second quarter of 2025, including the affected comparative periods.
The SEC has reviewed the request and determined that SAM became aware of the issues from the special audit report since July 2025, which is more than six months. Therefore, SAM has sufficient time to complete the rectification and submit the financial statements within the prescribed extended deadline. Moreover, financial statements constitute essential information for investors and shareholders in making investment decisions and monitoring the performance of listed companies. The SEC finds no sufficient justification to approve SAM’s request for a further extension of the submission deadline for the rectified financial statements for the year 2024 and the second quarter of 2025. Accordingly, the SEC has instructed SAM to expedite the submission of the financial statements and related reports, and to promptly disclose the financial statements to the public via SETLink without delay.
In addition, with reference to the auditor’s qualified conclusion on SAM’s financial statements for the third quarter of 2025, the management is currently adjusting the inventory value to its net realizable value as at 31 December 2023 as noted in the special audit report. Therefore, the SEC has notified SAM to rectify the financial statements for the third quarter of 2025, including the affected comparative periods, and submit the rectified financial statements that have been 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 6 February 2026.
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