Magnolia Quality Development Corporation Limited (MQDC) has reaffirmed the public that it will meet obligations with its debentureholders, which highlights its financial capability to pay the debt following last year’s false reports saying that the developer lacks liquidity.
The Thai property developer is known for its soon-to-be-completed The Forestias Project, a mixed-use project that is located just a few miles from the capital. MQDC is not listed in the Thai stock market, but is considered a big developer in Thailand owned by the Chearavanont Family, which also owned CP Group.
Mr. Wisit Malaisirirat Chief Executive Office reiterated in the company’s statement that MQDC has set aside cash to pay its obligations for debentures with a maturity date in January 2024.
There will be 4,100 million baht worth of debenture maturing in 22 January 2024 and 5,604 million baht in 29 January 2024, which the company noted that the payment has been prepared for debentureholders.
Additionally, MQDC asserted that the operation is well proceeding and its flagship projects such as The Forestias will be complete in this year. Ownership transfer will start from early this year onward.
The statement reassured bondholders in the market after a report last year that claimed MQDC lacks liquidity to pay off its debt to suppliers. Later, the company denied the report and some analysts made a statement to debunk their own research due to a lack of concrete data.