Daya’s subsidiary defaults on bank facilities

  • Business
  • Thursday, 18 Apr 2019

KUALA LUMPUR: Daya Materials Bhd has received two letters of demand from MALAYAN BANKING BHD (Maybank) as corporate guarantor for payment owing by its subsidiary, Daya Proffscorp Sdn Bhd (DPRO) pursuant to hire purchase facilities.

In a filing with Bursa Malaysia Tuesday, Daya said it had on April 17 received two letters of demand, both dated April 10, (NOD) from Messrs Sukumaran & Co, solicitors on behalf of Maybank.

“The NOD arose due to failure of DPRO to pay the monthly instalments under the hire purchase facilities granted by Maybank to DPRO,” Daya said. 

The company has defaulted a total of RM116,388.22 for the two hire purchase facilities.

Daya explained that April 17 being seven days from the date of the NOD. It said the failure to pay was due to cash flow constraints of DPRO that resulted in it not able to meet its payment obligations to pay Maybank in a timely manner.

“DPRO and the company will discuss with Maybank to regularise the outstanding payment of the hire purchase facility,” Daya said. 

“We are putting in place several fund raising exercises including assets disposal and assets monetisation. Given the above, DPRO will be able to repay the principal and interest due on the total outstanding sum on the basis that the assets disposal and assets monetisation would be able to repay the principal and interest due on the total outstanding sum,” it said. 

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