Scomi Energy unit defaults on bond payment


  • Energy
  • Friday, 13 Mar 2020

“KMCOB is in the midst of engaging with Danajamin towards an amicable resolution to address the repayment of the relevant amount, ” said Scomi Energy.

PETALING JAYA: SCOMI ENERGY SERVICES BHD has updated Bursa Malaysia that Hong Leong Investment Bank Bhd, being the facility agent under the Series E of the Guaranteed Serial Bonds (KMCOB Bond) and in relation to the financial guarantee insurance/bank guarantee facility (FGI facility), has issued a notice to KMCOB Capital Bhd, declaring an event of default. KMCOB Capital Bhd is a unit of Scomi Energy.

There is the sum of RM80.41mil that shall be immediately due and payable.

In a filing to Bursa, Scomi Energy said that the relevant amount is equivalent to the amount paid by Danajamin to the trustee to repay the KMCOB Bond.

This follows the claim made by the Trustee to Danajamin Nasional Bhd following the KMCOB Bond Default. The FGI Facility is secured against some eight securities, which were listed on the Bursa announcement.

Scomi Energy said that the default in payment of the relevant amount may entitle Danajamin to the immediate enforcement of those securities.

“KMCOB is in the midst of engaging with Danajamin towards an amicable resolution to address the repayment of the relevant amount, ” said Scomi Energy.

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