Ann-Jakkaphong explains reasons for 609 million baht bond debt and adjustment of payment date
Ann-Jakkaphong Chakra Juthathip, CEO and Managing Director of JKN Global Group Public Company Limited, has provided an explanation regarding the bond debt of 609 million baht, which is due for repayment in 2023. In a letter sent to the Stock Exchange of Thailand, Ann-Jakkaphong states that the company is unable to fulfill the payment obligations on the maturity date of the debentures. As a result, the company will only be able to pay a portion of the principal amount, equating to 146,618,630.14 baht, along with 9,981,369.86 baht in interest, totaling 156,600,000 baht.
Ann-Jakkaphong addressed this matter in a statement through JKN-CNBC channel, highlighting the unprecedented nature of this adjustment. The company has never before been required to adjust the payment date in its 25-year history. This is a unique circumstance that sets it apart from other financial institutions, bonds, and banks, according to Ann-Jakkaphong.
There are several reasons that have led to this situation:
1. Request for deferred repayment
The JKN company has requested to postpone the repayment of debt from the original period. Although they have the necessary cash for immediate payment, amounting to 156.6 million baht, the company seeks to provide interest to bondholders until the full principal amount is paid. The company representative will communicate with each bondholder to clarify details and establish the exact payment date.
2. Challenges due to global economic conditions
The world economy has been experiencing inflation since the beginning of the year, which has affected Thailand as well. This has resulted in reduced spending flexibility and a lack of confidence among investors in the bond market. Additionally, the political instability caused by the delayed establishment of the government has led to a dry money market, with foreign investors withdrawing significant amounts of money from Thailand. These external factors have had an impact on JKN Global Group’s ability to meet its debt obligations.
3. Internal factors
The company faced difficulties in fundraising, which resulted in the inability to meet planned repayment of the debenture. This incident occurred last week, thereby necessitating the modification of payment conditions.
4. Demonstrating sincerity
The publication of these documents demonstrates the company’s sincerity and confidence in addressing the situation.
Overall, JKN Global Group Public Company Limited is actively working to resolve this matter in a timely and effective manner, adhering to all relevant parties involved in the process. The company acknowledges the challenges it faces and is committed to fulfilling its obligations to bondholders.
Ann-Jakkaphong explained 4 reasons for the bond debt of 609 million baht, which was repeated for the first time. 25 years must adjust the payment date
In the case of Mr Jakkaphong Chakra Juthathip or Ann-Chakrabongse The Chief Executive Officer and Managing Director of JKN Global Group Public Company Limited has sent a letter to the Stock Exchange of Thailand Regarding the partial repayment of debentures of JKN Global Group Public Company Limited No. 2/2020 which due in 2023 on September 1, 2023, the total principal and interest 609,981,369.86 baht, notifies that the company is unable to pay the principal and interest to the debentures on the maturity date of such debentures. The company will pay some of the principal amount. 146,618,630.14 baht and interest in the amount of 9,981,369.86 baht, a total of 156,600,000 baht.
Most recently, Ann-Chakkaphong has come out to make a statement about the matter through JKN-CNBC channel. There is an important conclusion that the payment of Series 2/2020 debentures or debt securities is in the name of Series JKN239A Adjust the date of payment of the debentures, just adjust the date This is the first time in their 25 years that they have had to adjust the payment date. Regardless of any financial institution, bonds and banks In my own life, I have never done it. Today is the first time he has spoken. to causes, principles, origins and reasons; collections
1. JKN company Request to defer repayment of debt from the original period The company currently has Cash ready for immediate payment on September 1st in the amount of 156.6 million baht, paid on once for each bondholder. Everyone will receive interest on the remaining amount until the principal is paid. Any day that principal is received throughout the period from this period to that period will always receive interest. The bondholder representative will be the contact person for each bondholder. To clarify the details and set the exact payment date. At this point, the onus is to do it well and as quickly as possible.
2. About the cause that happened The state of the world economy that we know has been facing inflation since the beginning of the year. Sending world class results to Thailand too Spending money is not as flexible as before. Not as easy as before Especially in the lack of confidence of investors in the bond market. And in the middle of the year, there was a big company situation, you probably know each other. Including the establishment of the government which was delayed by 3-4 months, leading to political instability. causing foreign investors You can see that the money market is dry. Because investors have withdrawn huge amounts of money from Thailand These events are external factors over which we have no control.
3. Internal factors There was a discussion incident which caused the fundraising not to go as planned. Consequently, the repayment of this debenture is effected. because of that event or actually born last week conditions are being modified
4. Proven sincerity to know If we are not confident, we would not release such documents.
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