Thai Airways International Public Company Limited (THAI) announced the requirement of waiver of the preparation and submission of the financial statements of THAI and its subsidiaries for the three-month period ended March 31, 2020 due to the impact of the pandemic of the novel coronavirus 2019 (Covid-19) which intensified throughout all regions of the world causing each country to escalate preventive measures by local Ministries of Public Health and Civil Aviation Organizations to strict screening and prohibiting travelling from both departure and arrival.
Therefore, it has been necessary for THAI to halt its operation and close both domestic and oversea offices since the end of March 2020 affecting the collection of data, documents, evidence and business transactions which are significant accounting information and may cause access restrictions to information for the auditor’s review.
In addition, incomplete financial reports of subsidiaries and associates cause inadequate disclosure of information in the notes to the financial statements which might manipulate the significant misunderstandings to users of the financial statements. Therefore, it it the reason and necessity for requesting a waiver until the due date for the next financial statement submission is within August 14, 2020.
The Audit Committee of THAI in the special meeting No. 2/2020 on May 5, 2020 has considered and gave importance to the preparation and disclosure of reports showing financial status and operating results correctly and sufficiently reliable for user of financial statements in the current situation that remains uncertain, Hence, it is resolved to request the postponement of the period for submission of financial statement for the quarter ended March 31, 2020 to the Office of the Securities and Exchange Commission (SEC) which will be submitted within August 14, 2020. For THAI and auditors have more time to gather, prepare, and review information that will be disclosed to investors to be accurate, complete, reliable, and the request for the extension is in accordance with the notification of SEC.
In this matter, the Extraordinary Board Meeting No. 9/2020 on May 7, 2020 had the resolution to approve as well.