SABUY Breaks Silence: No Default on Debt Payments, Reveals 75 Million Baht Repayment Plan Adjustment to August 2026
- Sabai Technology Public Company Limited or SABUY has notified the Stock Exchange of Thailand (SET) regarding its financial statements as of June 30, 2024.
- The company was unable to repay long-term loans and interest due from April 2024, according to the amount and schedule specified in loan agreements with various financial institutions.
- As of June 30, 2024, SABUY is in the process of seeking approval for a plan to defer principal payments from financial institutions.
SABUY Addresses Loan Repayment Concerns
Sabai Technology Public Company Limited or SABUY has notified the Stock Exchange of Thailand (SET) regarding its financial statements as of June 30, 2024. The company has acknowledged a shortfall in repaying loans from financial institutions, as mentioned in the notes to the financial statements.
The company was unable to repay long-term loans and interest due from April 2024, according to the amount and schedule specified in loan agreements with various financial institutions. This is considered an event of failure to comply with the financial conditions of the loan contract, giving financial institutions the right to demand immediate repayment of all loans.
As of June 30, 2024, SABUY is in the process of seeking approval for a plan to defer principal payments from financial institutions. The remainder of the long-term loan outstanding on application is classified as a current liability, as reflected in the consolidated financial statement and the separate financial statement.
The outstanding principal amount is 56.71 million baht, with overdue interest of 18.67 million baht, totaling 75.38 million baht in outstanding principal and interest. The average interest rate is 6.89 percent per annum. The company has been in discussions with financial institutions to adjust the principal and interest repayment plan and has not received a default notice.
On August 28, 2024, SABUY received approval from a major financial institution and signed a memorandum attached to the long-term credit facility contract. The loan contract term will be extended for another 10 years from August 2024, with the loan contract due on July 18, 2034. Regular interest payments will be made every month, and principal repayment will commence from the 25th month, or August 2026 onwards.
Currently, SABUY has not been notified of a default on its debt by any financial institution, and therefore, it is not considered a tort. This development does not affect the conditions for issuing debentures of the Company in any manner.