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Contents
Further to the announcements made on 14 December 2001 and subsequently on every month, the position of the Company in respect of its default in payments in the month of November, 2002 is as follows:-
Name of Creditor | Principal (RM) | Interest (RM) | Total (RM) |
| i)Pacven Walden Ventures Kedua III L.P | 2,730,955.03 | 1,387,105.22 | 4,118,060.25 |
| ii)BI Walden Ventures Keempat Sdn Bhd | 1,069,577.00 | 543,256.74 | 1,612,833.74 |
| iii) Financial Institutions | 17,760,539.72 | 48,207.34 | 17,808,747.06 |
 | | | |
TOTAL | 21,561,071.75 | 1,978,569.30 | 23,539,641.05 |
a) The reasons for the default in payments and the measures to be taken by the Company are as announced to the Exchange on 14 December 2001.
As announced to the Kuala Lumpur Stock Exchange ("KLSE") on 7 November 2002, the shareholders of the Company have approved the following proposals at the Company’s Extraordinary General Meeting held on 7 November 2002, as one of the measures taken by the Company to address the default in payments:-
1) Proposed restricted issue of 13,000,000 new ordinary shares of RM1.00 each in AIV ("AIV Shares") at an issue price of RM1.00 per share for cash; and
2) Proposed issue of 2,000,000 new AIV shares to BI Walden Ventures Keempat Sdn Bhd and Pacven Walden Ventures III L.P. of 571,429 and 1,428,571 AIV shares respectively at an issue price of RM1.00 per share as part settlement of the amount due
(collectively known as the "Proposals")
Following the approval of the shareholders as mentioned above, the Proposals are now pending the approval from the KLSE for the listing of and quotation for the new AIV shares to be issued pursuant to the Proposals on the Second Board of the KLSE.
b) There should not be financial and legal implications in respect of the default in payments including the extent of the Company’s liability in respect of the obligations incurred under the agreements for the indebtedness as the Management is currently negotiating with the lenders on the rescheduling of payment terms through the Proposed exercise.
c) The Management is of the opinion that the default in payments should not constitute any event of default under a different agreement for indebtedness (cross default) due to the management's initiative as indicated in Paragraph (b) above.