PETALING JAYA: Seacera Group Bhd’s largest shareholder Datuk Tan Wei Lian has not engaged the group on his proposal to inject RM30 million or more.
“Accordingly, the management and the board of Seacera are unable to confirm on the veracity of the article (about Tan’s pledge),” Seacera said in a filing with the stock exchange.
Seacera added that without further information, the group is unable to assess on whether the implementation of such proposal is viable and adequately comprehensive to address its current financial concerns.
Even if the RM30 million fund injection is available, Seacera said it is still far from sufficient to resolve the group’s liquidity concerns considering its total liabilities of close to RM100 million against cash and cash equivalents of merely RM5.47 million as at Dec 31, 2018.
Meanwhile, Seacera announced that its wholly owned subsidiary Duta Skyline Sdn Bhd has entered into a joint venture (JV) agreement with OCR Group Bhd’s wholly owned subsidiary Amazing Symphony Sdn Bhd to jointly develop Seacera’s 501.5 acres of freehold land in Ulu Langat.
Under the JV agreement, the two parties will develop a mixed development with an estimated gross development value (GDV) of up to RM10 billion over a period of 30 years.
Source: The Sun Daily