S Hotels and Resorts PCL (SET: SHR), led by Mr Apisak Tantivorawong, Chairman of the Board of Directors, Mrs Thitima Rungkwansiriroj, Director and Chairman of the Executive Committee, and Mr Dirk De Cuyper, Director and Member of the Executive Committee, along with Board of Directors, Executive Committees and Management of S Hotels and Resorts Public Company Limited (SHR), held its “2023 Annual General Meeting” on 25 April 2023.
The main agendas were to acknowledge the Company’s operating results for 2022, to hold a vote to approve the allocation of the Company’s partial share premium to compensate for the Company’s total accumulated loss and to approve the issuance and offering of the Company’s debentures at an amount not exceeding THB 5,000 million.
Dirk De Cuyper (above), Chief Executive Officer of S Hotels & Resorts, revealed that the company achieved an all-time high performance with a total revenue of THB 8,693 million and successfully reported a net profit in 2022. This success was due to the strong operating performance across the Company’s portfolio, in line with the recovery of the global tourism sector during the year.
“We strongly believe that tourism will continue to expand this year, combined with the strategic renovation plans in several hotels in our portfolio. Those will result in the impressive growth of the Company’s operating profit in 2023,” Dirk added.
One of the most important items on the agenda was the approval of the allocation of the Company’s partial share premium at THB 462.16 million to compensate for the Company’s total accumulated loss. This will clear the accumulated loss in the financial statements and enable the Company to pay dividends to its shareholders when the Company generates profit from future operations.
This compensation will not affect the shareholders’ equity in any way as it is only to offset in terms of accounting.
Moreover, the shareholders approved the issuance and offering of debentures at an amount not exceeding THB 5,000 million to foster future growth. The Company will consider issuing and offering debentures based on the necessity of using funds to support business expansion or repay its existing loan.
Appropriate bond market conditions, financial cost, and the ability to pay interest and principal are considered the key criteria for the debenture issuance, together with the comparison with other sources of funding.
For more information on S Hotels & Resorts, visit www.shotelsresorts.com.
Read more business and financial news and features here.