Friday, Mar 10, 2006
We refer to the press announcement on 27 January 2006 on Maxisegar Sdn Bhd’s (“MSB”) RM250.0 million Al Bai Bithaman Ajil Islamic Debt Securities (“BaIDS’) wherein it was announced that the said BaIDS were downgraded to BBID.
Subsequent to the press announcement, MSB has made the coupon payment of RM4.8 million for the month of February 2006 but was not able to make the principal repayment amounting to RM30.0 million as scheduled.
MARC is aware that the Issuer is seeking to reschedule the payment of the BaIDS. As at 6th March 2006, the bondholders are reviewing the said proposal and have not formally issued a Notice of Demand on MSB.
Notwithstanding, the above, the BaIDS has been downgraded to DID on account of the non-redemption of the BaIDS.
Subsequent to the press announcement, MSB has made the coupon payment of RM4.8 million for the month of February 2006 but was not able to make the principal repayment amounting to RM30.0 million as scheduled.
MARC is aware that the Issuer is seeking to reschedule the payment of the BaIDS. As at 6th March 2006, the bondholders are reviewing the said proposal and have not formally issued a Notice of Demand on MSB.
Notwithstanding, the above, the BaIDS has been downgraded to DID on account of the non-redemption of the BaIDS.