The Board of Directors of Seacera (“Board”) wishes to announce that the Company has on 26 April 2019 defaulted in the payment of principal and profits to AmBank Islamic Berhad (“AmBank”). (i) Date and reasons for the Default in Payment The Default in Payment is for an amount of RM253,451.23 (being principal amount of RM250,000 plus profits of RM3,451.23) which is due on 26 April 2019 in respect of a bankers’ acceptance facility granted by AmBank.
As set out in the voluntary announcement dated 18 April 2019, Seacera and its subsidiaries (“Group”) is in dire need for funds to address its liquidity concerns, including for the repayment of its current debt obligations towards various stakeholders including trade payables, other payables and financial institutions as well as its ongoing working capital requirements. In another announcement dated 22 April 2019, the Board has highlighted that:-
(i) the Group’s total liabilities (excluding deferred tax liabilities) as at 31 December 2018 stand at RM99.43 million; and
(ii) the Group’s liquid assets (in the form of cash and cash equivalents) as at 31 December 2018 stand at RM5.47 million only which is insufficient for the Group to meet its financial obligations as well as working capital requirements.
Further, the Board wishes to highlight that the bank balance as at 25 April 2019 (which can be utilised towards repayment of bank borrowings is RM0.11 million only (excluding fixed deposits which are pledged as collateral to financial institutions).
Due to the abovementioned liquidity concerns and financial constraints, the Company is unable to meet its payment obligation and hence, the Default in Payment.
No comments:
Post a Comment