News Detail

Date/Time
29 May 2020 13:24:00
Headline
Plan and Progress report for the Correction of "C"
Symbol
AQ
Source
AQ
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                -Translation-
 
SET. 019/2020
29 May 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 Q1Y2020 ending 31 March
2020, held on 29 May 2020 at 10.00 am. at AQ Estate PCL Building 102
Rimklongbangkapi 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 3,525.59 million baht and the total
equities would be 6,682.87 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 65.46% 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.  With reference
to the Coronavirus disease 2019 (COVID-19) outbreak situation in Thailand, the
court allowed to canceled and postpone the settlement of issues on 30 September
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
______________________________________________________________________
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