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December 3, 2007 |
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SUNWAY: Aims to Complete Restructuring by 2008 1st Quarter Sunway Infrastructure Bhd targets the first quarter of 2008 to complete the restructuring of its Islamic bonds, The Star Online reports. The company is merely waiting for the approval of its exercise, the report says, citing Sunway's executive chairman, Tan Sri Jeffrey Cheah. As reported by the Troubled Company Reporter-Asia Pacific on August 9, 2007, the company received a proposal from Affin Investment Bank Berhad that will make the company pay MYR50 million cash plus relinquishing all economic rights to its 36% stake in SunInfra in consideration for the termination/ cancellation of the Letter of Undertaking -- granted by Sunway at the time of issuance of the BaIDS -- as part of the restructuring of the existing BaIDS. In addition, the Affin banking group would pump in up to MYR220 million, with a minimum 64% of the bondholders participating in the restructuring scheme, which was accepted by the bondholders, The Star Online recounts. Mr. Cheah said that he rather not pre-empt all these things, adding that it is possible for the company to be lifted from PN17 status by December, as it had submitted a proposal to the Securities Commission, the report adds. Headquartered in Petaling Jaya, Malaysia, Sunway Infrastructure Berhad -- http://www.sunway.com.my/ -- is an investment holding company in Malaysia. The Company's wholly owned subsidiary, Sistem Lingkaran-Lebuhraya Kajang Sdn. Bhd. (SILK), is responsible for the construction of the Kajang Traffic Dispersal Ring Road. Silk's activities are the upgrading and widening of existing roads; the design and construction of a new alignment, and the operation of the Kajang Traffic Dispersal Ring Road, including toll operations and maintenance. Through SILK, the Company owned Salient Million Sdn. Bhd. Salient Million Sdn. Bhd mainly focuses on undertaking housing development for residents whose dwellings are located on the land, on which the Kajang Traffic Dispersal Ring Road is constructed or who are affected by the construction of the Kajang Traffic Dispersal ring road. On November 22, 2005, SILK disposed of Salient Million Sdn. Bhd. The company is an affected listed issuer pursuant to the Amended PN17 since its auditors have expressed a modified opinion with emphasis on the company's going concern in the company's audited financial statements for the year ended June 30, 2006, and since the unaudited shareholders' equity of approximately MYR26.702 million based on its quarterly results for the period ended September 30, 2006, is less than 50% of its issued and paid up capital of MYR90 million. In addition, the Troubled Company Reporter-Asia Pacific reported on March 20, 2007, that its shareholders' equity on a consolidated basis based on the unaudited results for the quarter ended Dec. 31, 2006, of MYR7.173 million, is less than 25% of the company's issued and paid-up capital of MYR90 million and such shareholders' equity is less than the minimum issued and paid-up capital as required under Paragraph 8.16A(1) of the Listing Requirements of MYR60 million, triggering another listing criteria under Amended PN17 listing requirements. |
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