Thai cable and wire manufacturer Stark Corp was the product of a reverse merger which came to market in July 2019. In May 2022, the company announced that it would acquire German cable company Leoni for €560m and went on the raise THB5.58bn (US$160m) through a private placement. Shortly thereafter, in December, Stark withdrew from the deal citing market conditions. In February 2023, the company disclosed that there would be a delay in publishing its financials and its shares were suspended. In June 2023, the Special Audit revealed that FY22 sales had been overstated by 42% and profits by 315%. As at the time of writing, the authorities had filed charges against Stark and a number of former directors.
Last updated September 2023
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