Sumatec’s associate defaults on loan payments
PETALING JAYA: Sumatec Resources Bhd’s associate company Semado Maritime Sdn Bhd has defaulted on its loan payments to Bank Pembangunan Malaysia Bhd, due to the delay in securing the completion of the sale of the vessels
In a filing with the stock exchange, Sumatec said Bank Pembangunan has seized Semado’s vessels Semua Mutiara and Semua Muhibbah.
In return for the release of the vessels, Bank Pembangunan has asked for either the settlement of the principal sum of RM143.32 million (plus RM100,000 in cost), or a first class bank guarantee/letter of undertaking from a member of the International Group of P&I Clubs for the sum of RM165.21 million, within seven days.
The sum of RM165.21 million comprises principal amount of RM143.32 million, interest at 5% up to Oct 4 of RM21.5 million and RM400,000 in cost.
Sumatec said Semado is arranging for inspection of the vessels by potential buyers as well as requested for an extension of time from Bank Pembangunan to complete the sale of the vessels.
Sumatec said the default is not expected to have any significant impact on the group’s business and operations.