KUALA LUMPUR: MULTI-USAGE HOLDINGS BHD [] (MUHB) has secured a three-year debt settlement arrangement with OCBC Bank (Malaysia) Bhd, with the assistance of a special-purpose vehicle (SPV).
MUHB told Bursa Malaysia yesterday that OCBC Bank had agreed to the payment of RM4.1 million as the full and final settlement of the outstanding debts due from MUHB Group. The group had RM15.76 million in total outstanding principal and interest owed to OCBC as at Dec 31, 2006.
The SPV, Wealthy Achievers Sdn Bhd, would undertake the settlement of RM4.1 million on behalf of MUHB Group under the debt-restructuring plan, the company said.
MUHB Group would be made to owe the SPV the sum of RM15.76 million, interest-free, and would be entitled to cash discounts for early payment of the debt.
“The SPV reserves the right to terminate this debt settlement and acknowledgement agreement, and demand immediate repayment of the indebtedness in the event MUHB Group fails to repay any part of the indebtedness within three years from the date of the final payment to OCBC,” it noted.
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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