Friday, Sep 30, 2005
MARC has obtained confirmation from Mayban Trustees Berhad (Trustee) on 30th September 2005 that Pesaka Astana (M) Sdn Bhd did not meet the first primary notes and secondary notes repayment amounting to RM34.2 million in total, under its Al-Bai Bithaman Ajil Islamic Debt Securities (ABBA) facility on 30th September 2005.
Under Clause 9.1(a) of the Trust Deed, any non-payment under the ABBA facility on the due date would constitute an event of default. MARC has accordingly downgraded the ratings of the ABBA facility from A+ID to D with immediate effect.
PASB is a provider of customized heavy-duty and specialized vehicles for agencies such as the Ministry of Defence (MINDEF) and the Fire and Rescue Department (BOMBA). The Company has completed contracts amounting to RM150.6 million to supply tactical floating bridges to MINDEF and BOMBA; the proceeds of which have been earmarked as the repayment source for the ABBA facility.
MARC is made to understand that the Trustee would call for an informal meeting of Bondholders and Noteholders on 4th October 2005. MARC will continue to monitor the developments accordingly.
Under Clause 9.1(a) of the Trust Deed, any non-payment under the ABBA facility on the due date would constitute an event of default. MARC has accordingly downgraded the ratings of the ABBA facility from A+ID to D with immediate effect.
PASB is a provider of customized heavy-duty and specialized vehicles for agencies such as the Ministry of Defence (MINDEF) and the Fire and Rescue Department (BOMBA). The Company has completed contracts amounting to RM150.6 million to supply tactical floating bridges to MINDEF and BOMBA; the proceeds of which have been earmarked as the repayment source for the ABBA facility.
MARC is made to understand that the Trustee would call for an informal meeting of Bondholders and Noteholders on 4th October 2005. MARC will continue to monitor the developments accordingly.