MCOT Public Company Limited (MCOT)’s shareholders failed to retrieve answers from the directors in the 2020 Annual General Meeting of Shareholders on July 29, 2020, regarding the compensation payment for 2600MHz worth 3.2 billion baht.
At the meeting, shareholders were asked to write down their questions on a paper for a Q&A session, avoiding the use of microphones to prevent coronavirus contraction. However, the session was wrapped up without answering shareholders’ questions.
Earlier, MCOT decided to return its 2600MHz license to the National Broadcasting and Telecommunications Committee (NBTC) for a compensation of 3,235 million baht. However, the compensation was divided in half and compensated to Playwork Company Limited.
NBTC asserted that the letter, submitted by MCOT’s President Mr. Kematat Paladesh, indicated the compensation to be shared between MCOT and Playwork. After a discussion, the majority of the board of directors agreed on the fact that a president does not have the right to do so, and his action would damage MCOT’s benefit as well as the country as MCOT is a state-enterprise.
In addition, the Annual General Meeting of Shareholders approved the suspension of dividend payment due to its loss in operating results for the period between January 1-December 31, 2019, having the majority of votes from eligible shareholders who were present at the meeting.