Maybank demands that Scomi settle its debt

KUALA LUMPUR: Scomi Group Bhd said it has received a notice of demand for RM113.96mil from Malayan Banking Bhd (Maybank) after its wholly owned rail unit failed to pay RM201.9mil owed to the bank.

“Scomi Rail Bhd and Scomi Group are presently in the process of negotiating a resolution with Maybank,” it said in a filing with Bursa Malaysia today.

The company said its 100%-owned Scomi Rail, on Feb 8, had received a notice of demand dated Jan 25 from Maybank for a sum of RM201.9mil.

This is under bank facilities granted by Maybank to Scomi Rail.

On the same day, Scomi Group also received a notice of demand from Maybank, dated Jan 31, for the sum of RM113.96mil. This is after Scomi Rail failed to repay its debt,

Scomi Group warned that Maybank now had the right to dispose shares in one of the group’s subsidiaries that had been secured against the bank facilities in the event the amount demanded was not paid.

Scomi Group also said that the failure to settle the loan would give rise to an event of default by virtue of the cross-default provision under the financing documents on a leasing facility amounting to RM1.29mil granted to a subsidiary.

Corporate News , Scomi