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, 18 December 2019, 17 January 2020 and 28 January 2020 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 the receipt of the Notice of Default by the Company from Affin Islamic Bank Berhad, dated 6 February 2020, in its repayment of principal in respect of the Musharakah Mutanaqisah Term Financing-i and Tawarruq Revolving Credit-i of up to RM100.0 million, the Board has reassessed the Company’s current cashflow position and formed the opinion that the Company is insolvent as it will not be able to meet its debts as and when they fall due in the next twelve (12) months.
The Company has, on 11 February 2020, announced that it has triggered the prescribed criteria pursuant to paragraph 8.04 and paragraph 2.1(f) of the Practice Note 17 (“PN17”) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and is now regarded a PN17 Company.
The Company will make the necessary announcement pursuant to the PN17 as and when there are further developments.
This announcement is dated 11 February 2020.