Thailand Securities and Exchange Commission urges MJD bondholders to vote on proposed net debt to equity covenant waiver at 10 February meeting

The Thailand Securities and Exchange Commission urged bondholders in seven Major Development Company Limited (MJD) bond series to exercise their rights and thoroughly review relevant information ahead of the Bondholders’ Meeting on 10 February 2026, where investors will vote on a proposed waiver of a financial covenant. The agenda includes waiving the issuer’s obligation to maintain the net debt to equity ratio at quarter-end or fiscal year-end for the fourth quarter period and fiscal years ending from 31 December 2025 through 31 December 2028, with non-compliance during that period not constituting an event of default under the bond terms. The SEC has required the bondholders’ representative, Bluebell Securities Co., Ltd., to provide bondholders with a clear analysis of the advantages, disadvantages, benefits and potential impacts of approving or rejecting the proposal, supported by reasons and the representative’s opinion. The meeting will be held as an e-meeting on 10 February 2026 at 14:00 and covers MJD25OA, MJD25OB, MJD263A, MJD265A, MJD26OA, MJD274A and MJD278A, with maturities ranging from October 2028 to August 2030.