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Monday November 26, 2012

SAAG to be suspended from Friday until further notice

KUALA LUMPUR: Shares of SAAG Consolidated (M) Bhd, whose share price has tumbled to an all-time low of 1.0 sen, will be suspended from 9am on Friday.

A Bursa Malaysia Securities circular issued on Monday said trading would be suspended until further notice. This means the last trading day would be 5pm on Thursday.

Its share price close unchanged at 1.0 sen. There were 1.769 million shares done at prices raging from 1.0 sen to 1.5 sen. The highest this year was 9.0 sen on Feb 8.

The company had on Monday received a notice of default from AmBank (M) Bhd for RM94.22mil as at Sept 30, together with interest.

The notice was for a facility agreement dated July 1, 2008 between a subsidiary SAAG Shipping (M) Sdn. Bhd and Ambank and a supplemental agreement dated July 12, 2008 between SAAG Shipping and Ambank. SAAG had provided a corporate guarantee.

On Nov 22, the company announced that based on its unaudited report for the second quarter ended June 30, 2012 and audited accounts for the year ended Dec 31, 2011, the total assets ratio for total affected assets were 61.95% and 62.65% respectively.

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