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Mithril selling KK office space for RM43.2m to repay loan stocks

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Mithril selling KK office space for RM43.2m to repay loan stocks Empty Mithril selling KK office space for RM43.2m to repay loan stocks

Post by hlk Thu 15 Dec 2011, 08:02

KUALA LUMPUR (Dec 14): MITHRIL BHD []
is selling 29 parcels of commercial office space within Menara MAA in
Kota Kinabalu for RM43.2 million cash to repay its redeemable
convertible secured loan stock (RCSLS).

It said on Wednesday the proposed disposal was expected to result in a
consolidated net loss after tax on disposal of RM5.3 million and a
discount of about 10.9% to the market value of the PROPERTIES [].

The properties which Mithril is selling are 27 parcels of commercial
office space, measuring 169,281 sq ft in Menara MAA for RM40.20 million
cash to Tanam Permai Holdings Sdn Bhd.

Mitrhil had also proposed to sell a unit in Menara MAA, measuring 1,890 sq ft to Tan Wai Seng for RM600,000.

It also proposed to sell a parcel of commercial office space,
measuring 4,593 sq ft, also in Menara MAA to Madam Link Sdn Bhd for
RM2.40 million.

“The proposed disposal of properties is proposed at this juncture as
Mithril is compelled to repay in full the outstanding amounts owing to
the RCSLS holders,” it said.

Mithril said the proposed disposal was crucial to avoid an event of
default under the terms of the trust deed and deeds of assignment of the
RCSLS.

Mithril said the RCSLS were issued on April 6, 2004 and secured by
the MAA deed of assignment and security deeds of assignment on the
Properties.

To recap, on April 5, 2011, the company had defaulted on its coupon
payment obligations amounting to RM1.25 million for the RCSLS due and
payable on that day.

On Oct 3, 2011, the RCSLS holders had given the company up to June
30, 2012 to meets its obligations as per the trust deed for the RCSLS
and deferred the declaration of an event of default.

However, if Mithril and the purchasers of the properties fail to
complete the deal, Mithril would be in default of its repayment to the
RCSLS holders.

Hence, AmTrustee had full authority to demand the full repayment of
the RCSLS to be immediately due and payable to the RCSLS holders.
hlk
hlk
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