The Securities and Exchange Commission extended NRF’s deadline to submit rectified interim financial statements for Q3 2024 to 10 February 2025 due to issues with fair value measurement of shares
The Securities and Exchange Commission (SEC) extended the deadline for submitting NR Instant Produce Public Company Limited (“NRF”)’s rectified version of the interim financial statements for the third quarter of 2024, from 20 January 2025 to 10 February 2025.
Earlier, the SEC notified NRF to cooperate with the auditor by providing information for reviewing its interim financial statements for the third quarter of 2024 and to rectify such interim financial statements. NRF must submit to the SEC and publicly disclose the rectified and reviewed interim financial statements via the SETLink Electronic System by 20 January 2025.
The auditor expressed qualified opinions on NRF’s interim financial statements for the third quarter of 2024 because the auditor was unable to obtain sufficient, appropriate audit evidence regarding the fair value measurement of the shares, both those settled by the buyer from the sale of the Group’s investment in a subsidiary and those originally held by the Group from the adjustment in value of the investment in the shares of the buyer at the same share price. As a result, the auditor was unable to obtain sufficient and appropriate evidence to verify the gain on sale of the investment in the subsidiary and the gain on changes in the value of the investment in the shares of the buyer*.
NRF later made a request for an extension of submission deadline of its rectified interim financial statements for the third quarter of 2024 because NRF has appointed an independent financial advisor (IFA) to measure the fair value of the shares. The auditor is reviewing the IFA’s valuation report regarding the fair value measurement for the shares of a foreign non-listed company. The auditor needs additional time for reviewing the reasonability of the information and the rectified interim financial statements. The SEC has therefore allowed NRF to submit and disclose publicly the rectified and reviewed interim financial statements for the third quarter of 2024 and related reports via the SETLink Electronic System by 10 February 2025.
Remark:
* SEC News No. 277/2024 headlined: “SEC notifies NRF to cooperate with the auditor and rectify its interim financial statements” released on 19 December 2024: https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=11424
Source : SEC allows extension of deadline for submitting NRF’s rectified interim financial statements
