12 Mar 2020 17:25:00
Plan and Progress Report for the correction of "C" sign of AQ Estate Public Company Limited
-Translation- SET. 009/2020 12 March 2020 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 Y2019 ending 31 December 2019, held on 12 March 2020 at 10.00 am. 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 3,057.62 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 petitioner filed an appeal against one case which is in the waiting process for appeal results. 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 3,471.57 million baht and the total equities would be 6,536.89 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 65.99% which is greater than 50% according to the regulation and therefore the Company would be able to correct the "C" sign. On 25 September 2019, AQ Estate Public Company Limited (the plaintiff) made a prosecution to Krung Thai Bank Public Company Limited (the defendant) in a civil case requesting Krung Thai Bank to change its first quarter financial statements for the year 2019, taking the proceeds from land auction for collateral amounting to Baht 3,898.70 million to record as damages in cases of the Supreme Court's Criminal Division for Persons Holding Political Positions. The court has set the date for litigation guidelines or prosecution witnesses on 18 November 2019. All defendants filed a request for an extension of time to file a statement given on 24 February 2020. On 24 February 2020, 13 defendants have applied for an extension of time to file a further 30 days. The court allowed to postpone the settlement of issues on 27 April 2020. The Board of Director agreed to await the outcome of civil case as mentioned above. If such case progression, the company will report its progress to shareholders and investors to acknowledge through the SET system further. Please be informed accordingly. Yours Sincerely, (Mr. Suthad Chankingthong) (Ms.Ranchana Rajatanavin) Director Director ______________________________________________________________________ This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement.