2024-03-14 04:03:12
Thailand’s largest builder, Italian-Thai Development, is negotiating with banks for new loans due to cash flow problems that have prompted it to pay partial salaries, the company said on Wednesday.
Italian-Thai Development told the Stock Exchange of Thailand
that revenues from construction projects remained lower than its overall expenses.
The company expects negotiations with banks to be concluded within two to three months. Once the new loans are approved, its financial situation should return to normal within two to three months, the company said.
“This issue might lead some employees to resign or refuse to come to work. However, the company has already negotiated with them and partially paid their salaries,” the company said.
Banks, as creditors supporting construction projects, have already helped the company resolve this issue, she added.
Italian-Thai’s listing was suspended this month following the company said it would miss a deadline to present its annual results due to additional scrutiny by its auditors. (Reporting by Orathai Sriring; Editing by Miyoung Kim and Mrigank Dhaniwala)
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