PETALING JAYA: Seacera Group Bhd has announced that it is unable to fully settle the loan default amount of RM31.82 million or provide the additional properties as collateral within seven days as requested by Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank).
“The company is currently seeking legal advice and any material development will be announced in due course,“ Seacera said in a stock exchange filing today.
SME Bank had commenced legal actions against Seacera, a corporate guarantor for facilities granted to its 20% associate company SPAZ Sdn Bhd, after it defaulted on its payment of RM31.82 million under the Bank Guarantee (Kafalah) and Commodity Murabahah Revolving Financing-i (CMRF-i).
In April, Seacera said it was in dire need for funds to address its liquidity concerns, including for the repayment of its current debt obligations towards various stakeholders including trade payables, other payables and financial institutions as well as its ongoing working capital requirements.
Source: The Sun Daily