PETALING JAYA: A net loss of RM257mil was recorded by PR1MA Corporation Malaysia (PR1MA) in 2022, according to the Auditor-General’s Report.
It also raised concerns about the government housing agency’s ability to repay its Islamic Medium Term Note Loan Repayment (Sukuk Tranche 2) based on PR1MA’s cash and cash-equivalent balance as of Dec 31, 2022.
“The sukuk loan balances amounted to RM3.792bil (2021: RM4.542bil). This needs to be repaid by 2027.
“Based on PR1MA’s cash and cash equivalent position as of Dec 31, 2022, it amounted to RM0.428bil. Hence, it will face difficulties in making the repayment for Sukuk Tranche 2,” the report said.
It also made recommendations for PR1MA to reassess its development strategy for residential and commercial projects based on current needs and market conditions to ensure better marketability of completed residential and commercial units and achieve the development objectives of PR1MA projects.
The report also proposed that PR1MA ensure cash flow projections from the sales of residential and commercial units can be achieved to finance operational activities and settle the payment of Sukuk Tranche 2 amounting to RM1.750bil, which will mature in October of this year.
