Seacera unit gets letter of demand to repay RM19m

Seacera Group Bhd, which has become a Practice Note 17 company, saw 22.91 million of its shares crossed in an off-market deal on Monday.

KUALA LUMPUR: Seacera Group Bhd's unit has received a letter of demand from AmBank Islamic Bhd seeking payment of RM19.2mil.

The tile maker said on Tuesday the demand of payment included the future profit of total amount outstanding and due payable under the murabahah tawarruq term financing-I and  cashline-i.

It told Bursa Malaysia Seacera Ceramics Sdn Bhd received the demand letter dated May 15 and has to settle the amount within seven days.

The company is seeking legal advice on the matter.