Friday, Mar 10, 2006
We refer to the press announcement on 27 January 2006 on Europlus Corporation Sdn Bhd’s (“ECSB”) RM350.0 million Murabahah Underwritten Notes Issuance Facility (“Munif”), wherein it was announced that the said Munif was downgraded to MARC-4ID.
Arising from the downgrading of the Munif to non-investment grade, a Cancellation Event has occurred and Abrar Discount Bhd, the Facility Agent, has suspended the facility. Pursuant to the suspension of the Munif, ECSB is unable to roll over the outstanding Munif amounting to RM196.0 million. As at 6th March 2006, Abrar Discount Bhd has not formally issued a Notice of Demand to ECSB to demand payment of the outstanding Munif.
Notwithstanding the above, the said Munif has been downgraded to DID. This downgrade reflects the Bondholders’s legal right to demand full and immediate payment of the outstanding Munif amounting to RM196.0 million.
Arising from the downgrading of the Munif to non-investment grade, a Cancellation Event has occurred and Abrar Discount Bhd, the Facility Agent, has suspended the facility. Pursuant to the suspension of the Munif, ECSB is unable to roll over the outstanding Munif amounting to RM196.0 million. As at 6th March 2006, Abrar Discount Bhd has not formally issued a Notice of Demand to ECSB to demand payment of the outstanding Munif.
Notwithstanding the above, the said Munif has been downgraded to DID. This downgrade reflects the Bondholders’s legal right to demand full and immediate payment of the outstanding Munif amounting to RM196.0 million.