The share price of Energy Absolute Public Company Limited (SET: EA) at 10:08 (Thailand’s time) on Monday, October 6, 2025, increased by THB 0.06 per share, or 1.9%, to THB 3.22 per share, with a total trading value of THB 68.83 million. The increase followed a clarification from the company regarding its bondholder’s booking closing.
The share price of EA plummeted sharply last Friday by 7.61% to close at THB 3.16 per share with a trading value of THB 651 million. This drop was due to investor concerns that EA might delay bond repayments after announcing the closing of the bondholder register to convene a bondholders’ meeting, which will take place within this month.
A source from the capital market sector informed “Kaohoon” that EA’s move to close the bondholder register for all bond series was “not a postponement of debt repayment, but rather a request to extend the timeframe for negotiating with financial institutions.” The meeting is tentatively scheduled for October 17, 2025, with two main objectives.
1) To report the current situation and latest progress after the bondholders previously approved a deferral of payment. EA aims to update on the actions taken during the period and the ongoing solutions to ensure transparency and demonstrate sincerity in managing the issue.
2) To extend the negotiation period as stipulated in the condition. Previously, EA obtained approval from the last bondholders’ meeting to negotiate with financial institutions within the timeframe ending September 30, 2025, without being considered in breach of the condition. As the negotiation window has ended, it is necessary to temporarily halt negotiations.
However, the available information indicates that EA still has sufficient capability to fulfill its bond debts as scheduled, even without ongoing negotiations, and there has been no impact on the regular repayments.
Yet, should future negotiations with financial institutions yield satisfactory results, the company could utilize such funding sources to redeem bonds prior to maturity, which would benefit bondholders.
Therefore, the upcoming meeting is to seek approval to extend the negotiation window until December 31, 2025, allowing discussions with financial institutions to continue without affecting normal debt repayments.
Currently, 11 out of EA’s 14 bond series have obtained bondholder approval for debt restructuring. EA is still in negotiations with financial institutions and is also in talks with holders of the remaining three series that have yet to approve the debt restructuring.
The source stated that at present, EA continues negotiations with its current institutional partner. If favorable proposals are received, there will be no need to switch to a new financial institution, especially since the company’s financial position has improved after bondholders approved the debt restructuring plan.
Meanwhile, EA is preparing to participate in the bidding for the Bangkok Mass Transit Authority’s (BMTA) 1,520 electric buses, valued at THB 15 billion baht, under a seven-year lease contract. BMTA has completed a public hearing on the Terms of Reference (TOR) and is expected to open bid submissions in October or, at the latest, November 2025, with the winner to be announced in December 2025.
