KUALA LUMPUR, July 8 — Oil and gas company Serba Dinamik Holdings Bhd subsidiaries, Serba Dinamik Group Bhd (SDGB) and Serba Dinamik Sdn Bhd (SDSB), defaulted on three financing...
KUALA LUMPUR, July 8 — Oil and gas company Serba Dinamik Holdings Bhd subsidiaries, Serba Dinamik Group Bhd and Serba Dinamik Sdn Bhd , defaulted on three financing facilities worth RM435.4 million., the company cited constrained cash flows in a filing with Bursa Malaysia as a reason for SDGB defaulting on payment totalling RM400.77 million from MBSB Bank Bhd and Bank Kerjasama Rakyat Malaysia Bhd under the Islamic Club Financing Arrangement as on August 11 last year.
SDGB also reportedly defaulted on another financing facility totalling RM34.4 million from Affin Islamic Bank Bhd's Tawarruq Term Financing-i facility. As for SDSB, it reportedly defaulted on a payment of RM228,568 from Small Medium Enterprise Development Bank Malaysia Bhd's Bai’Inah Facility, also due to constrained cash flow.
The group reportedly said that the amount defaulted as on December 22 of last year also included Ta’widh, the compensation charge for late payment, equivalent to the actual loss at the rate of 1 per cent per annum on the overdue amount.
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