GSC to Recall ฿130m as Shareholders Disapprove Provision of Financial Assist to ACAP

Global Service Center Public Company Limited (GSC) has referred to the Extraordinary General Meeting of Shareholders No.1/2019 of GSC which convened on Wednesday 25 September 2019, the agenda is to rectify of providing financial assistance to Asia Capital Group Public Company Limited (ACAP). The Shareholders’ Meeting did not approve of the mention above agenda.

 

Therefore, the Board of Directors had the urgent meeting in order to call the repayment of promissory notes from Asia Capital Group Public Company Limited (ACAP). The Board of Directors’ Meeting No.8/2019 held on 25 September 2019 has resolutions as follows:

1) Approved to call the repayment of promissory notes from Asia Capital Group Public Company Limited in the amount of 130 million baht within 30 November 2019. The Board of Directors carefully considered and had the opinion that this action has no effect to the usage plan of initial public offering and also Company’s liquidity.

GSC is in the process of developing information technology which is expected to be completed within the fourth quarter of this year, following to IPO plan. To align with the current situation that emphasize on the importance of information technology, GSC will review the suitability of the investment weight of branch expansion. The Board of Directors’s meeting will be held to consider this agenda on 1 October 2019.

2) Approved the increase of the interest rate from the investment in promissory notes of ACAP from 2% to 5% per annum, effective on 24 September 2019 onwards.