SET Announcements

Sansiri Plc. (SIRI) further clarified scrap of its construction contract of Baan San Saran Project, informed previously, saying that it has to terminate the mentioned contract because the failure of Thai Gammon Co., Ltd. and Gammon Construction (Thailand) Co., Ltd. to complete the construction works within the time stated in the contract has caused damages to SIRI. SIRI explained the damages that it could not hand over suites within the specified period of the contracts it made with customers, and this would consequently affect its future sales of suites in the project. Besides, the construction delay has a direct impact on the company's loan repayment plan. For this, the company has claimed from the two companies a fine of Bt81,855,000 plus compensation for all the damages incur, as well as all the rights SIRI has, according to the legal body and the contract, from the contract breaking and contract termination due to the mentioned cause. The company is presently gathering detailed information, and will make further report once available. SIRI is also under way to choose new qualified construction contractors to finish the project. A prompt report would be released upon hiring the new contractor.