Asia Era One Denies High-Speed Rail Withdrawal

Asia Era One Limited has issued a clarification regarding news coverage of its submission of a letter exercising contractual rights related to the three-airport high-speed rail project investment agreement. Some reporting may have created misunderstandings about the project's status, the company's intentions, and the contractual process.

Asia Era One emphasizes that the letter represents an exercise of rights outlined in the investment agreement to protect contractual interests and provide factual information about project implementation according to agreed procedures. The company clarifies that this does not constitute a decision to withdraw from the project or immediately terminate the contract. Project considerations remain subject to contractual and legal processes.

Since signing the investment agreement, both parties have identified certain facts and constraints affecting project implementation, particularly regarding a public drainage canal in the Makkasan area, which concerns project development and land utilization. The parties have continuously discussed and established implementation approaches to allow the project to proceed under changed circumstances.

Significant changes in economic, financial, and investment conditions have made it necessary to jointly consider contract amendments with relevant agencies. This process remains under review and affects project readiness in multiple areas.

Regarding investment promotion, the project received Board of Investment (BOI) principal approval in 2565. Throughout this period, the company has received continuous BOI cooperation in implementing various procedures. However, the investment promotion certificate expired in 2567. Reapplication for the certificate requires clearer project details and conditions, some of which remain under discussion regarding contract amendments, affecting this procedural step.

These matters should not be interpreted as BOI withdrawal of support or disapproval of project implementation.

Exercising contractual rights is part of the process available to both parties under the investment agreement framework. Project implementation approaches remain subject to contractual and legal processes and cannot automatically be interpreted as breach of contract, abandonment, or fault of either party.

Srisadi Jinsatit, Chief Executive Officer of Asia Era One Limited, revealed that throughout this period, the company has continuously cooperated with the State Railway of Thailand, the Eastern Economic Corridor Policy Committee Office (EECOPCO), and relevant agencies to jointly consider appropriate approaches for project implementation within the framework of the contract, law, and national interest.

Asia Era One Limited remains committed to project implementation and believes that collaboration among all stakeholders will lead to appropriate, fair approaches that maximize benefits for the nation, people, and all stakeholders. The company continues to uphold good governance principles, transparency, and accountability.