News Detail

Date/Time
30 May 2019 17:07:00
Headline
Plan and Progress Report for the correction of "C" sign of AQ Estate Public
Symbol
AQ
Source
AQ
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                -Translation-
 
SET. 016/2019
   
30 May 2019
 
Subject:    Plan and Progress Report for the correction of "C" sign of AQ Estate 
Public Company Limited
To:         Director and Manager
        The Stock Exchange of Thailand

Reference is made to the public presentation by AQ Estate Plc. for the 
correction of the "C" sign from the case that the Company's equities fell below
50% of the paid-up capital of annual financial statement Q1/2019 ending 31 March
2019, held on 30 May 2019 at 14 pm. at Alix Bangkok Hotel, Building B, Meeting
room on 2nd Fl., 31 Soi Soonvijai 7, New Petchburi Road, Bangkapi, Huay Kwang,
Bangkok. The Company would like to summarize the result from the meeting as
follows:
The large amount of net loss of the Company was the result from the reserve for 
liabilities of 3,057.34 million Baht that the Supreme Court's Criminal Division
for Persons Holding Political Position ordered the Company to jointly pay for
damages to Krungthai Bank in the amount of 10,004.47 million Baht. The Company
made the payment of 1,635.74 million Baht and the remaining liabilities is
8,368.73 million Baht.
Plan for correction:
The sale of the collateralized land of 4,300 rai by the public auction and the 
auction price of the land was set by the Appraisal committee at 8,914.07 million
Baht which is greater than the remaining amount of liabilities to be paid by
the Company. On 17 October 2018, the 1st schedule of the public auction, the
auction winner purchased the collateralized land at 8,914.07 million Baht and
put the deposit of 448.50 million Baht with the Legal Execution Office. The
payment of the remaining of the purchase price was granted the extension to 1
February 2019.  On 24 January 2019, the auction winner paid in amount of 3,819
million baht of auctioned property in the first group. The auctioned property in
the second group was the ownership of Golden Company and the auctioned land in
the third group was the ownership of K&V SRS Garden Home which Golden Company
Limited holding 99.97% of shares, has been placed to guaranteed debt to Golden
Company Limited. The K&V SRS Garden Home Company Limited filed the petition to
revoke property sale by claiming 4 unlawful sales and the court ordered 4
dismissal cases.
At present, the auction winner purchased such land which had filed the court 
case to pay the remaining case upon completion at 4,646.57 million baht after
the remaining payment completely and Krung Thai Bank received payment
successfully. Therefore, the reserve for liabilities would be deducted with the
retained loss and the retained loss would be 3,327.01 million baht and the total
equities would be 6,679.36 million Baht. The total equities, when compared to
the paid-up capital netted off the discount on shares of 9,902.86 million Baht,
would be 67.45% which is greater than 50% according to the regulation and
therefore the Company would be able to correct the "C" sign.

The Board of Directors considered to wait for Krungthai Bank for the receipt of 
the proceed from the sale of 4,300 Rai land by public auction which is expected
to occur in Q3/2019.  The Company will report the progress to the shareholders
and investors through the system of the SET. in due course.

Please be informed accordingly.

Yours Sincerely,



(Mr. Suthad Chankingthong)    (Ms.Ranchana Rajatanavin)
Director                                Director
______________________________________________________________________
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