Nation Multimedia Group insists all B/Es to be honoured
Nation Multimedia Group PCL has issued an official denial that the company had defaulted on bills of exchange (B/E) and insisted that all B/Es have been and continued to be honoured.
NMG Chairman Thepchai Yong issued the denial following incorrect news reports. "There were misunderstandings when the company didn't have authorized directors to sign papers (following a Securities and Exchange Commission's ruling) but B/E obligations were resolved and honored, and will continue to be so," he added.
Thepchai said the Bt360-million B/E obligations due in January have been resolved with investors as scheduled with no overdue.
Thepchai was elected chairman after
NMG's shareholders selected a new board of directors. The new board moved swiftly to resolve and honored the B/E obligations with the investors
taking up the issues and assure their confidence in the company.
The B/E market has faced dome uncertainty due to failed obligations by some companies and NMG was wrongly classified as part of this group of issuers. "We don't have any problem. The investors have confident in us as B/E maturities are also extended," Thepchai said.
On Jan 23, TRIS has upgraded NMG's financial rating from "D" to "B+" following settlement of Bt200 million of B/E as new board of directors came into being.
