Thaicom Rejects THB1.25 Billion Claim Over Satellite Concession Asset Transfer
Thaicom (SET:THCOM) issued a clarification following news that the Thai Cabinet approved the Ministry of Digital Economy and Society's move to pursue legal action against the company and Gulf Development over compliance with a satellite concession agreement.Reports had suggested that the satellite operator had been unable to transfer all required assets following the expiration of the agreement and could face claims of around 1.25 billion baht, according to a Friday filing with the Thailand Exchange.The company says it has completed all transfers to the ministry on Sept. 11, 2021, a day after the agreement expired.Additionally, the assets claimed by the ministry do not fall within the scope of assets required to be transferred.The filing adds that the company is under no obligation to pay the 1.25 billion baht and seeks to defend its position in case arbitration proceedings are initiated.
