PETALING JAYA: Cypark Resources Bhd
(CRB) is deferring the periodic distribution for its RM235mil tranche one perpetual sukuk due today, to focus its resources to meet the commercial operations date for its 60MW floating solar plant in Kelantan.
In a statement, CRB said the deferment is permissible under terms of the perpetual sukuk.
“Despite the deferment, the tranche one perpetual sukuk remains secured by 95% cash sweeps from the revenue generated by four identified solar power plants.
“The total bank balances in the designated accounts amounts to RM101.96mil as of Aug 31, 2024.
“CRB has sufficient cash flow to achieve the commercial operation date of its projects following the support by its major shareholder via the tranche two and three perpetual sukuk totaling RM265mil, as well as available banking facilities from its principal bankers,” it said.
