In a filing to the Stock Exchange of Thailand, he said that the board of directors convened a meeting today to acknowledge that the subsidiary, Jas Mobile Broadband, which won the licence in the December did not obtain the licence from the National Broadcasting and Telecommunications Commission yesterday.

It said that Jas Mobile could not obtain a Bt72 billion bank guarantee as a Chinese company, which is interested in investing in the subsidiary, could not obtain approval from the relevant regulator in time. Such approval is expected to be completed by mid-April 2016, Pete said, which is way past the NBTC deadline.

The name of the Chinese company has never been revealed.

He also insisted that the failure to obtain the 900MHz licence would lead to limited financial impacts, citing the legal advisor’s advice. He said that the only impact was the forfeiture of the Bt644 million bid guarantee.

“Jas Mobile (Broadband – the subsidiary) does not violate any condition as stipulated by Clause 5.2 of NBTC Notification. Thus, such forfeiture does not significantly impact the financial statements of the company,” he said.

The Stock Exchange of Thailand has halted Jasmine International share trading today, pressing for the company’s explanation on the impact. The share was suspended in the afternoon as the exchange deemed the explanation insufficient.

Jas earlier today planned to hold a press conference at 2pm. It was cancelled later.