Sahakol Equipment Public Company Limited (SQ) will convene a bondholders’ meeting for SQ256A, SQ25NA, SQ25NB, SQ266A, SQ275A and SQ285A bonds on 24 September 2025 at 15.00 hours. The meeting will be conducted in a hybrid format, both electronically and onsite at Miracle Grand Convention Hotel, Magic 2 Room, 2nd floor, No. 99, Vibhavadi- Rangsit Road, Talad Bangkhen Subdistrict, Laksi District, Bangkok. The matters for consideration are as follows:  

Regarding four bond series of SQ256A, SQ266A, SQ275A and SQ285A:

          (1) Granting an exemption from an event of default under the terms and conditions* for the following actions, which may be deemed as entering into a contract with any one or multiple creditors for the purpose of debt restructuring that has the characteristics of debt payment exemption for the bond issuer, where the total debt exceeds 700 million baht:  

          - Proposal and approval from the SQ256A bondholders' meeting on 6 June 2025 to postpone the bond maturity date and adjust the repayment terms (value of 550 million baht);
                   - Negotiation and execution of a loan agreement amendment with unrelated parties on 9 June 2025 to extend the repayment period for a loan amount of 300 million baht;       

          (2) Requesting the cancellation of the immediate maturity of all outstanding bonds, together with exemption and cancellation of any actions taken by the bondholders’ representatives related to such events of default, and the cancellation of any demand for default interest as stated in the bondholders’ representative’s documents.  

Regarding five bond series of SQ25NA, SQ25NB, SQ266A, SQ275A and SQ285A:

          (1) Approving the extension of bond maturity periods for redemption, as follows:**
                   - For SQ25NA and SQ25NB bonds, extension of two years and nine months;
                    - For SQ266A bond, extension of two years and six months;
                    - For SQ275A bond, extension of one year and nine months;
                    - For SQ285A bond, extension of one year.
          (2) Approving repayment of the bond principals in installments as follows***:
                   - For SQ25NA, SQ25NB and SQ266A bonds, repayment of four installations at the amounts of 5, 10, 35 and 50 percent, respectively;         

                   - For SQ275A bond, repayment of three installations at the amounts of 15, 35 and 50 percent, respectively;

                    - For SQ285A bond, repayment of two installations at the amounts of 35 and 65 percent, respectively.                       

Regarding all six series   

(1) Request for an exemption from an event of default regarding the company's bond debt restructuring proposal presented to this bondholders' meeting, which includes a request to postpone the bond maturities and adjust principal-repayment terms (total value of 1,735.70 million baht), together with an interest-rate increase;

(2) Request for an exemption from an event of default regarding debt restructuring with financial institutions and/or other creditors to be undertaken within one year from the date of this bondholders' meeting;

(3) Approving an increase in the interest rates throughout the extended maturity periods, as follows:                      - For SQ25NA, SQ25NB, SQ266A and SQ275A bonds, adjusting the interest rate increase twice, with the first time increase by 0.50 percent per year from the original interest rate of each series, and the second time change to a new interest rate of 6.50 percent per year;

                    - For SQ256A bond, increase the interest rate by 0.25 percent per year from the original interest rate;              

                   - For SQ285A bond, increase the interest rate by 0.50 percent per year from the original interest rate.

(4) Revising additional terms and conditions with details as follows:  

                   - Granting the bond issuer the right to redeem bonds before the maturity dates (call option) (for SQ25NA, SQ25NB, SQ266A, SQ275A and SQ285A bonds);

                   - Allowing early bond redemption by the bond issuer (call option) to align with the terms and conditions for early redemption of all series of the company's bonds before the maturity dates (for SQ256A bond);

(5) Requesting to cancel the bond issuer's obligation to report the company's credit rating review (credit update) by cancelling the requirement for periodic credit rating reviews as specified in the terms and conditions.

The SEC requires that the bondholders’ representative analyze the benefits and shortcomings as well as the potential impacts on the bondholders both in cases of approval and decline of approval for the above matters with respective supporting reasons and the opinions of the bondholders’ representative. The bondholders are, therefore, encouraged to thoroughly review the information and exercise their rights to protect their own interests. They should also make necessary inquiries to the bondholders’ representative to obtain comprehensive information before making a voting decision at the bondholders’ e-meeting.    

Remarks:

* SQ25NA and SQ25NB bonds were granted an exemption in the matters from the bondholders’ meeting on 29 August 2025.  

** SQ256A bond was granted an approval of maturity extension on 6 June 2025.  

*** SQ256A bond was granted an approval of installment repayment of the bond principal on 6 June 2025.

(1) Bank of Ayudhya Public Company Limited serves as the bondholders’ representative for three bond series, as follows:
          - SQ25NA bond due for redemption on 4 November 2025;
          - SQ25NB bond due for redemption on 4 November 2025;  
          - SQ256A bond due for redemption on 19 June 2028.  

(2) Asia Plus Securities Co., Ltd. serves as the bondholders’ representative for three bond series, as follows:  

          - SQ266A bond due for redemption on 20 June 2026;   

          - SQ275A bond due for redemption on 22 May 2027;   

          - SQ285A bond due for redemption on 22 May 2028.