Month: June 2020
With Strong cash flow, GL completes convertible debenture repayment. Now ready to accelerate the business expansion.
22 Jun 2020
With strong cash flow in hand over 3.2 billion baht, Group Lease Public Company Limited completes convertible debenture repayment to Creation Investment Company worth over 700 million baht including interest. Now GL is ready to accelerate the business expansion both inbound and abroad. One of many projects is Car and Motorcycle for Cash from Thanaban, a subsidiary company of GL. Believe the market continues to grow well
Mr. Alain Dufes, Chief Financial Officer of Group Lease Public Company Limited, said “on Friday, 19 June 2020, Group Lease fully repaid Creation Investments for the convertible debentures (CD) they held. Earlier this year, Group Lease and Creation mutually agreed to reschedule the original repayment of 30 March 2020 to be over the course of this year with full repayment in September 2020. This allowed Group Lease more flexibly in managing cash flow during the Covid-19 epidemic, which besides affecting the economies in which Group Lease operates, has also resulted in delays in legal proceedings and court decisions. We are pleased to announce that despite the Covid-19 impact on our business , we have fully repaid Creation Investments early.
We appreciate our partner Creation for working with us and giving us the additional financial flexibility. We have had a professional relationship with them for many years and it is reassuring to have a business partner that can work with us during these unique times. In the past year, we have successfully repaid both our Thai bond and Creation Investments.”
Mr. Tatsuya Konoshita, Chief Executive Officer of Group Lease Public Company Limited, stated, “while the COVID-19 epidemic impacts the global economy, we are maintaining full business operations. We have maintained full employment and anticipate no layoffs or business reduction due to the conservative approach we took during 2018 and 2019. The cost efficiencies and reduction of our business size have put Group Lease in a good position to emerge stronger and better prepared from the COVID-19 impacts once the strictest economic restrictions have dissipated.
We have been challenging with various issues for the last 2 years and while it has been difficult, it forced us to be more disciplined, focused and able to adapt to a changing environment. These lessons, have readied us to deal with the current COVID-19 environment and they will allow us to continue to fight, survive, and thrive. Today, we are ready to expand our business base both at home and abroad. At the same time, Thanaban Co., Ltd., a subsidiary of Group Lease create a “Car and Motorcycle for cash” project which is a service for registration car and motorcycles with low-interest rates, high credit limit, and fast approval, to expands the customer base to groups of customers who need urgent money to enhance liquidity in this situation.”