Friday, Oct 14, 2005
MARC has received confirmation in October 2005 from Malaysian Trustees Berhad, the Trustee of Perak-Hanjoong Simen Sdn Bhd’s (“PHS”) RM30 million Tranche V Al-Bai’ Bithaman Ajil Islamic Debt Securities (“BaIDS”) on the following:
The BaIDS’ Holders had agreed to grant further indulgence of 6 months ending 17 November 2005 for the repayment of all amounts outstanding under the Tranche V BaIDS;
The BaIDS Holders agree to waive any compensation rights and defaults, whether or not such rights and defaults are continuing, during the indulgence period;
The BaIDS Holders have further agreed to grant a facility to PHS for redeeming the outstanding BaIDS on or before the expiry of the indulgence period (i.e. 17 November 2005)
The rating of the Tranche V BaIDS is currently at BBB-ID and MARC continues to place the rating on watch pending the repayment of the outstanding BaIDS.
The BaIDS’ Holders had agreed to grant further indulgence of 6 months ending 17 November 2005 for the repayment of all amounts outstanding under the Tranche V BaIDS;
The BaIDS Holders agree to waive any compensation rights and defaults, whether or not such rights and defaults are continuing, during the indulgence period;
The BaIDS Holders have further agreed to grant a facility to PHS for redeeming the outstanding BaIDS on or before the expiry of the indulgence period (i.e. 17 November 2005)
The rating of the Tranche V BaIDS is currently at BBB-ID and MARC continues to place the rating on watch pending the repayment of the outstanding BaIDS.