NMG GETS CREDIT UPGRADE AFTER NEW DIRECTORS APPOINTED, B/ES REDEEMED
Nation Multimedia Group (NMG)’s credit rating was upgraded following the appointment of new directors and its repayment of the due bills of exchange (B/Es).
NMG’s new chairman, Thepchai Yong, said that its corporate rating was raised from “D” to “B+” after the company honoured B/Es worth Bt200 million.
On November 30, the Ministry of Commerce approved the eight new directors of NMG, allowing it to come out of the long vacuum in management.
The eight new directors were elected at an extraordinary meeting by NMG’s shareholders on November 7. They replaced the previous directors who have been banned by the Securities Exchange Commission from holding director and executive positions in any listed companies.
Thepchai said NMG had negotiated with the old and new investors to extend the maturity of B/Es worth about Bt60 million. These B/Es will now mature on March 23, 2017. All transactions were completed on Friday.
Presently, NMG has total B/Es worth Bt550 million, which will have to be redeemed in the next one to three months. The NMG board of directors are arranging the repayment.
NMG’s outlook remains “Negative” on concerns that the multimedia firm may default when Bt360 million worth of B/Es become due from the middle to late January of next year. Conflicts between two groups of its shareholders are another source of worry.
On December 23, 2016, NMG’s subsidiaries, Nation Broadcasting Corporation Plc (NBC) and Nation International Edutainment Plc (NINE), held their first extraordinary shareholders’ meetings to elect directors for the positions that lie vacant.
NBC’s six elected directors are: Lakana Ratwongsakul, Nongnart Harnvilai, Supoth Piansiri, Sirichai Chananam, Suphawut Sanguannam and Weerawan Worarut. Suphawut Sanguannam has been appointed managing director.
NINE’s four elected directors are: Thepchai Yong, Natwara Saengwarin, Natenapa Pusittanont, and Supoth Piansiri. Natenapa has been appointed managing director.
