Financially distressed Tricubes gets 'lifeline'

KUALA LUMPUR: Tricubes Bhd, which admitted that the RM50mil 1Malaysia e-mail project was a “lifeline” for the financially distressed company, had secured a RM5.3mil financing facility from a venture capital outfit and would have a rights issue to fund the project.

“We have secured an initial investment of RM5.3mil from Mavcap (the Malaysia Venture Capital Management Bhd) and the balance will be funded through equity, debt or a rights issue,” Tricubes chief executive officer Khairun Zainal Mokhtar told a media briefing yesterday.