AQ Prepares to Lift “C” Sign from the Sale of 4,300 Rai Land

AQ Estate Public Company Limited (AQ) has reported that the reference is made to the public presentation by AQ. for the correction of the “C” sign from the case that AQ’s equities fell below 50% of the paid-up capital of Q3/2018 financial statement ending 30 September 2018.

 

The large amount of net loss of AQ was the result from the reserve for liabilities of ฿3,056.41 million that the Supreme Court’s Criminal Division for Persons Holding Political Position ordered AQ to jointly pay for damages to Krungthai Bank in the amount of ฿10,004.47 million. AQ made the payment of ฿1,635.74 million and the remaining liabilities is ฿8,368.73 million.

 

AQ has presented the plan for correction is 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. The total price is greater than the remaining amount of liabilities to be paid by AQ. On 17 October 2018, the 1st schedule of the public auction, the auction winner purchased the collateralized land at ฿8,914.07 million and put the deposit of ฿448.50 million with the Legal Execution Office.

The payment of the remaining of the purchase price was granted the extension to 1 February 2019. Therefore, the reserve for liabilities would be reversed and deducted with the retained loss and the retained loss would be 3,339.06 million and the total equities would be ฿6,668.89 million. The total equities, when compared to the paid-up capital netted off the discount on shares of ฿9,902.35 million, would be 67.35% which is greater than 50% according to the regulation and therefore AQ 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. AQ will report the progress to the shareholders and investors through the system of the SET in due course.