Sumatec told to pay up RM72.33m to bondholders

PETALING JAYA: Sumatec Resources Bhd’s collateralised loan has been terminated, with the bondholders seeking claims of RM72.33 million, to be paid by Jan 19, 2017.
In a filing with the stock exchange, the oil and gas player said it had on Jan 5 received a notice of termination and demand from Adnan Sundra & Low Advocates & Solicitors for the settlement agreement dated March 6, 2015 entered between Sumatec and Malaysian Trustees Bhd (MTB).
The issuers for the loan are Kerisma Bhd, Capone Bhd and Prima Uno Bhd, which are claiming RM28.69 million, RM29.04 million and RM14.61 million, respectively. MTB demanded the sum due to be paid within 14 days from Jan 5, 2017.
Sumatec stressed that it is not obliged to pay the sum in accordance with the obligations as set out in the 2013 settlement agreement.
However, Sumatec has obtained the consent of its indirect substantial shareholder Markmore Sdn Bhd, in the event the obligation arises to pay MTB, if Markmore is committed to satisfying the debts and any other obligations utilising the proceeds from the disposal of Rakushechnoye oil and gas field to Sumatec.
Meanwhile, Sumatec’s substantial shareholder Tan Sri Halim Saad recently sold a 0.16% stake in the company, paring down his stake to 19.61%.