Fraud Probe Sends Energy Absolute Shares to Lowest in Decade
- Energy Absolute says it’s seeking strategic partnership
- Shares tumble to 10-year low after one-day suspension
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Energy Absolute Pcl shares plunged by the 30% daily limit after the founder and chief executive quit over a fraud probe and its credit rating was slashed to junk.
Energy Absolute fell to a 10-year low of 9.2 baht when it resumed trading Tuesday, after revealing it has 19.5 billion baht ($539 million) of debt due in 2024 and is seeking one or more strategic partners. Its disclosure followed a one-day share suspension ordered by the Stock Exchange of Thailand, which demanded the renewables company explain its financials and the impact of a fraud probe.