Announcement • Mar 06
TSR Living Solution Public Company Limited Notification of Default on Debt Repayment
As TSR Living Solution Public Company Limited has disclosed information regarding the default on debt repayment, the Company provided further clarification on three outstanding loan from individuals and other entities as follows: 1. As disclosed in Note 16 of the financial statements regarding interest-bearing liabilities, the details are as follows; 1.1 Loan from individuals the Company has issued cheque amounting to THB 50.0 million in order to repay the borrowing from other party which was due in June 2024. Subsequently in May 2024, the Company was unable to maintain the value of investment in equity instruments pledged as collateral. As a result, those investment in equity instruments pledged as collateral were forcibly sold on the Stock Exchange of Thailand by the lenders amounting to THB 42.1 million. As a result, the Company has an outstanding loan amounting to THB 7.9 million. Under the loan agreement, the Company also issued post-dated cheques to settle the loan with the creditor as agreed upon in the contract. However, On the maturity date, the cheque was rejected which resulted the lender has filed a lawsuit in relation to Act on Offenses Arising from the Use of Cheques B.E. 2534 (1991). However, this case does not directly affect the enforcement of debt repayment. Furthermore, on March 3, 2025, the lender (as the plaintiff) filed a petition to withdraw the lawsuit, which the court granted, resulting in the case being dismissed from the court's docket. Therefore, the Company still has an outstanding loan amounting to THB 7.9 million. 1.2 In the case of the debt owed by Vending Connext Tech Company Limited, Vending Connext Tech Company Limited (the "Subsidiary"), which the company holds 100% of the total shares. The subsidiary issued 30 post-dated cheques amounting to THB 2.5 million to repay the borrowing from other party which cheques were rejected which resulted the lender has filed a lawsuit in relation to Act on Offenses Arising from the Use of Cheques B.E. 2534 (1991). Currently, the case is still under negotiation for settlement in court. As disclosed in Note 5 to the financial statements, with respect to the short-term loan agreement with Sabuy Technology Public Company Limited ("SABUY"), The Company has an outstanding loan with SABUY in the total amount of THB 872 million, plus interest at an annual rate ranging from 6.26% to 6.90%. On October 10, 2024, SABUY agreed to extend the repayment period for the principal, accrued interest, and future interest, with payments to commence on December 31, 2026. However, on January 24, 2026, SABUY sent another letter to the Company notifying the revocation of their previous consent and demanding immediate repayment of the entire outstanding debt within 30 days. On February 20, 2025, the Company sent a response letter to SABUY, informing them that the Company had discovered certain material facts related to the outstanding loan, and is currently considering the appropriate course of action. As of now, the loan remains unpaid by the Company.
