Su­matec’s as­so­ciate de­faults on loan pay­ments

The Sun (Malaysia) - - SPEAK UP -

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.

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