PETALING JAYA: Perak Corp Bhd’s indirect 51%-owned subsidiary Animation Theme Park Sdn Bhd (ATP) has defaulted on payment to Affin Hwang Investment Bank Bhd amounting to RM25.7 million.
This is part of the repayment of principal in respect of its syndicated term loan facility of up to RM280 million granted by Affin Hwang, Affin Bank Bhd, Bank Pembangunan Malaysia Bhd and Malaysia Debt Ventures Bhd.
ATP is the developer, owner and operator of Movie Animation Park Studios (MAPS) located in Ipoh, Perak.
According to Perak Corp’s Bursa disclosure, its wholly owned subsidiary PCB Development Sdn Bhd is actively seeking to dispose of its 51% stake in ATP and its immediate holding corporation Perbadanan Kemajuan Negeri Perak (PKNP) has shown interest to takeover.
Perak Corp revealed that PKNP had written a letter to the group on February 21, 2019 to confirm its intent to take of MAPS.
Perak Corp said ATP had on Sept 24, 2019 requested indulgence of time of up to three months for PKNP to arrange funding for the instalment repayment of principal as part of its purchase price to takeover the theme park.
Subsequently, Affin Hwang had on Oct 3 rejected the request and declared a default on Oct 16 with a 14-day notice from the date of letter to effect the payment of RM25.7 million, failing which all the secured obligation due from ATP will become immediately due and payable.
Perak Corp said it is continuously in discussions with Affin Hwang to regularise the outstanding payment of the syndicated term loan.
