The share price of RS Public Company Limited (SET: RS) extended losses for the fifth trading day, but at a slower pace compared to the previous three days that saw its share price hitting the floor limit of 30%.
RS dropped 11.6% to THB1.60 per share at the opening on Friday, its fifth trading day being traded in a negative territory. However, it was at a shallow decline compared to three straight floors in the past three days.
RS provided additional clarification on significant developments to ensure clear understanding among investors and stakeholders yesterday. The company stated that following the company’s investigation, it was found that the recent decline in RS stock price was partly due to personal financial transactions by certain executives. These transactions involved using a portion of their shares as collateral for personal financial dealings. When the stock price declined, a forced sell of securities occurred. Another contributing factor was external market conditions and mechanisms.
The company affirms that these transactions are unrelated to the company’s operations and financial position. Furthermore, there are no internal factors impacting business operations, and the company continues to move forward in accordance with its vision and strategic plan.
The Board of Directors has recognized the importance of management stability and the company’s financial strength. The Board is currently considering measures and reviewing corporate governance policies in accordance with good governance principles, as well as improving risk management policies. These efforts aim to prevent similar incidents and mitigate potential impacts on stakeholders in the future.
