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AHB, unit face claims of RM3.2m by CIMB after default in loan repayment

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AHB, unit face claims of RM3.2m by CIMB after default in loan repayment Empty AHB, unit face claims of RM3.2m by CIMB after default in loan repayment

Post by Cals Wed 25 Jun 2014, 00:01

AHB, unit face claims of RM3.2m by CIMB after default in loan repayment
Business & Markets 2014
Written by Ho Wah Foon of theedgemalaysia.com   
Tuesday, 24 June 2014 19:47

KUALA LUMPUR (June 24): AHB Holdings Bhd informed the stock exchange that the company and its unit AHB Technology Sdn Bhd (AHBT) have received two letters of demand from CIMB Bank Bhd for claims of RM2,414,554.90 and RM800,447.09 respectively.

It said the reason for the default in bank loans is that “AHB and AHBT have been facing continual cash flow constraints in the past few years, and hence are unable to service the repayments of borrowings to CIMB.”

But it added the company is implementing a proposed rights issue of shares with warrants, which has been approved by Bursa Malaysia on June 12, 2014.

Part of the proceeds to be raised will be used to settle the borrowings from CIMB, it added.

“The board of directors is of the opinion that AHB is solvent and will be able to repay its debt obligations provided that AHB is able to complete the proposed rights issue of shares with warrants,” said AHB.    
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