The Thailand Securities and Exchange Commission published a supervisory notice urging bondholders in five bond series issued by Grande Asset Hotels and Property Public Company Limited (GRAND) to review all available information and exercise their voting rights at bondholders’ e-meetings scheduled for 24 July 2025, where proposed waivers for covenant breaches and amendments to collateral-related terms will be considered. GRAND will convene Bondholders’ Meeting No. 1/2025 for GRAND263A, GRAND264A and GRAND271A, and Bondholders’ Meeting No. 2/2025 for GRAND254A and GRAND259A, at 10:00. Items for approval include (i) a waiver for a breach related to the bond registrar notifying the Thai Bond Market Association less than seven days before the first closing date of the bond registrar, (ii) changes to how common-share collateral is valued and reviewed, including collateral in Royal Orchid Hotels (Thailand) Public Company Limited shares and related review timelines and reporting, and (iii) waivers for non-compliance with collateral review requirements as at 30 June 2025 and for not performing a collateral valuation review for the last Stock Exchange of Thailand trading day in July 2025. For GRAND254A only, the agenda also includes adding terms on releasing pledges over Royal Orchid Hotels shares and units of Grand Hospitality Real Estate Investment Trust (GAHREIT) used as collateral to align with the bond debt repayment plan. The SEC also required the bondholders’ representative to assess the benefits, shortcomings and potential impacts on bondholders in both approval and rejection scenarios, with supporting reasons and the representative’s opinion, and encouraged bondholders to seek additional information from the issuer or the representative before voting.

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