We refer to the announcement dated 11 September 2019 in relation to the Affected Companies admission to the Corporate Debt Restructuring Committee under the purview of Bank Negara Malaysia.

On behalf of the Board of Directors of the Company (“the Board”), we wish to announce that the Affected Companies have entered into the relevant agreements, including the Restructuring Agreements with their respective Lenders (“RAs”) whereby all were signed by 11 December 2020 wherein the parties have agreed to vary the terms and restructure the existing facilities in accordance with the Affected Companies’ Restructuring Scheme ("RS").

The general salient terms of the RAs are as follows:

(a)  that the Affected Companies debts have been restructured to a repayment terms of up to five (5) years tenure commencing from the date of the RAs; and

(b)  that the debts will be settled through:

1. future earnings;
2. issuance of instruments; and
3. proceeds to be raised from disposal of identified assets.

The successful completion of the RS will improve the Affected Companies financial position to weather the current challenging market condition and to sustain their businesses.  

The Board, after having considered all aspect of the RAs and RS, is of the opinion that the RAs and RS are in the best interest of the Affected Companies.

Further announcement will be made in due course as and when appropriate.

The announcement is dated 11 December 2020.