CP Axtra Public Company Limited (SET: CPAXT) disclosed the information to the Stock Exchange of Thailand to reiterate the company’s position that there are no investment plans in any other projects of Magnolia Quality Development Corporation Limited (MQDC) as claimed by rumors in the market.
CPAXT stated that under the Letter No. 019/12/2024 dated 24 December 2024, which stated that the Company had no investment plans in any other projects of Magnolia Quality Development Corporation Limited (MQDC). However, there have been rumours and distorted information regarding the financial relationship between the company and MQDC which may cause misunderstanding among shareholders and investors, affecting their confidence in the company.
In this regard, the Board of Directors’ Meeting No. 4/2025, held on 19 June 2025, acknowledged such rumours and distorted information. Therefore, the Board of Directors’ Meeting resolved to affirm that the company has no investment plans in any other projects, nor has it provided any financial support or engaged in any financial relationship with MQDC.
The company hereby affirms that these rumours and claims are “entirely untrue”, and reiterates that the company has no investment plans or provides any financial support to MQDC.
The company places the highest priority on providing accurate, complete, fair, and transparent information to shareholders, investors and the public. CPAXT warns that in case it finds that anyone has disseminated false or misleading information that may cause public misunderstanding and potentially impact shareholders and investors, the company will take legal action as deemed appropriate to protect the interests of our shareholders, investors and all relevant stakeholders.
Bualuang Securities (BLS) commented that the denial from CPAXT of any support to MQDC at the current situation and future would ease public concerns. The firm anticipated the share price of CPAXT to bounce back as SSSG in May showed stable performance year-on-year, which is better than its peers that are expected to decline. BLS maintained a “BUY” recommendation with a target price at THB32.00 per share.
