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Monday, 28 August 2017, 16:00 HKT/SGT
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Source: Group Lease PCL
Group Lease PCL (SET:GL) Reports Pre-payment from Cyprus Borrowers

BANGKOK, Aug 28, 2017 - (ACN Newswire) - As part of its effort to improve credit risk management, SET-listed digital finance firm Group Lease PCL ('GL', SET: GL) has secured pre-payment of loan principal and accrued interest totaling US$13.6 mil, or 453.2 mil baht, from its Cyprus borrowers.

In an official filing with the Stock Exchange of Thailand (SET) today (8/28), GL said the pre-payment comprised of three loan agreements with Cyprus-based Adalene Ltd with total principal amounting to US$13.13 mil (436.9 mil baht), plus accrued interest of US$489,158 (16.3 mil baht). The pre-payment was made with GL Holdings (GLH), GL's wholly-owned subsidiary in Singapore.

As a result of the pre-payment, a pledge of 11.5 mil GL shares made with GLH has been released.

Following the pre-payment, the remaining outstanding principal of the Cyprus borrowers now amounts to US$16.5 mil, or 547.5 mil baht, plus accrued interest of US$326,202, or 10.8 mil baht. The Cyprus borrowers include Adalene Ltd and AREF Holdings Ltd.

According to Mr. Tatsuya Konoshita, chairman of GL's executive committee, the pre-payment of the Cyprus loans was made in the best interest of GL since the principal was paid earlier, but the pre-payment included all interest until September 30.

"GL is currently expanding into the high-potential Myanmar market with higher interest rates of more than 40% as compared to the average 15% from the (Cyprus) borrowers. We have already begun to shift the new funds to support our business expansion in Myanmar," Mr. Konoshita stated.

For the remaining Cyprus loans of US$16.5 mil, GL now has secured collateral value of US$23.7 mil, or a collateral coverage ratio of 144%.

Meanwhile, GL's remaining loans to another group of SME borrowers in Singapore amounting to US$39.6 mil are covered by collateral value of US$48.8 mil, representing a coverage ratio of 123%.

Mr. Konoshita noted that there are no longer any GL shares in collateral from both the Cyprus and Singapore borrowers. He added that these loans have been secured, with no overdue from the beginning until now.

"The (Cyprus and Singapore) borrowers have sufficient ability to pay, as GL has stated in the past," he added.


About Group Lease PCL

Group Lease Public Company Limited was established on 6th May 1986 and listed on the Stock Exchange of Thailand in 2004 (SET:GL). The company has expertise in hire-purchase of motorcycles, as it has been in the motorcycle leasing business for over 20 years, with motorcycle brands for financing including Honda, Yamaha, Suzuki, Kawasaki.

In 2007, the APF group became the major shareholder holding around 65% of total shares. In 2012, GL announced a long-term business plan to become the leading finance company in the Southeast Asian region. To do so, GL formed Group Lease Holdings Pte. Ltd. (GLH), a Singapore holding company, as headquarters for its expansion in other countries. For more information, please visit www.grouplease.co.th.

Contact:
Distributed for Group Lease PCL
by M T Multimedia Co., Ltd.
Orn-anong ("Fah") Pattaravejkul
Tel: +66-2-612-2081 #129 / Mobile: +66-86-884-4458
E-mail: ornanong.p@mtmultimedia.com
Website: www.mtmultimedia.com


Aug 28, 2017 16:00 HKT/SGT
Source: Group Lease PCL

Topic: Press release summary
Sectors: Daily Finance, Daily News
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