Unless stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the Company’s announcement dated 17 October 2019 in relation to the default in payment to AFFIN Investment.

With reference to the Company’s announcement dated 17 October 2019, 18 November 2019 and 18 December 2019 in relation to the default in payment of the syndicated term loan facility by ATP and the monthly announcement on the status thereon respectively, on behalf of the Board of Directors of the Company, we wish to inform that there is no development on the status of the default in payment as at the date of this announcement save and except for the following:

i.          Following a letter received by PCBD from a legal firm, acting for AFFIN Investment, indicating that the lenders of the syndicated term loan facility are prepared to meet with PCBD pending a written settlement proposal be forwarded to the lenders, PCBD will be initiating a discussion with the lenders to regularise the outstanding payment pursuant to the Corporate Guarantee dated 10 July 2014 executed by PCBD in favour of AFFIN Investment.

The Company will make the necessary announcement as and when there are further developments on the default in payment.
 

This announcement is dated 17 January 2020.