Perak Corp says it’s not under liquidation or winding-up

PETALING JAYA: Perak Corp Bhd has clarified that none of the subsidiaries, associate companies as well as the company has been placed under liquidation, winding-up or judicial management, save for Animation Theme Park Sdn Bhd which was placed under receivership on Dec 4, 2019 and ceased operations on Jan 28, 2020.

On the company borrowing RM520 million from banks to invest in Movie Animation Park Studios (MAPS) and an additional RM200 million borrowed to pay contractors, it clarified that the investment in share capital in MAPS by PCB Development Sdn Bhd was for RM58.35 million.

“Total shareholders’ advance from Perak Corp group amounts to RM275.2 million, funded via internally generated funds and bank borrowings,“Perak Corp said in a bourse filing in response to a recent media report that it is going bankrupt.

The article had quoted Parti Bumiputera Perkasa Malaysia (Putra) vice-president Datuk Hamidah Osman saying Perak Corp, which holds about 60% of Perak State Development Corporation’s assets, is in the midst of winding up its operations.

Perak Corp added that it had on July 23, 2020 applied and obtained a restraining order from the Ipoh High Court for 90 days, which will expire on Oct 20, 2020, to enable the company to call for the court convened creditors’ meeting pursuant to Section 366 of the Companies Act 2016.

“The restraining order was applied by the company and PCB Development Sdn Bhd to formulate and finalise a proposed scheme of arrangement between the companies and its scheme creditors, to be put forward to the creditors at a creditors’ meeting to be convened,“said Perak Corp.

By way of an application, an extension of the restraining order may be allowed by the High Court provided all the relevant conditions set out in Section 368 of the Companies Act 2016 are fulfilled.

The company had on July 3, 2020 appointed M&A Securities Sdn Bhd as its principal adviser to conceptualise a proposed restructuring scheme. The company will make further announcements to Bursa Securities as and when there is a material development in relation to its regularisation plan to uplift itself from its PN17 status.

It added that no discussions had started between the state government of Perak with any parties for the sale of Lumut Port, stressing that it has no intention whatsoever to sell Lumut Port.

Trading in Perak Corp shares was halted for an hour yesterday.