26 Nov 2020 13:04:00
Achievement of dispute settlement in case of customer defaulted its payment in Hemaraj project
Ref. VP201109 November 26, 2020 Subject: Achievement of dispute settlement in case of customer defaulted its payment in Hemaraj project To: President of The Stock Exchange of Thailand According to ALT Telecom Public Company Limited (the "Company") has filed a lawsuit with the Administrative Court in conjunction with an insurance company (The compensation payer under the credit default policy to the Company in the proportion of 90% of the debt) in the event of the customer defaulted on the payment of service fee for the Fiber to the Factory (FTTF) cable network within the industrial estate area, Hemaraj Eastern Seaboard and Eastern Seaboard Rayong Industrial Estate ("Hemaraj Project"). The Central Administrative Court ordered the sued party to pay its payable with penalty interest rate 7.5% per annum to the plaintiffs. The appeal had been exercised, so the case was up to the consideration of the Supreme Administrative Court. Anyhow, all parties rendered the negotiation to explore the way to solve the dispute on parallel with the court consideration. Now, all parties have reached an agreement in resolving the dispute, the sued party agrees to pay all outstanding debt together with default payment rate at 7.5% per year. The Company had received full payment of outstanding debt with such interest rate, in the total amount of 80.47 million Baht (net of the amount paid back to the insurance company). All parties agreed that all disputes, in connection with this case were ended completely. For your information. Respectfully Yours, Somboon Setsuntipong VP - Finance & Account ______________________________________________________________________ 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.