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Sumatec’s financials not affected
TheEdge Fri, Jan 13, 2017


This article first appeared in The Edge Financial Daily, on January 13, 2017.


KUALA LUMPUR: Sumatec Resources Bhd has come out to emphasise that the group’s former bondholders’ demand for RM72.33 million would not affect its financials as its substantial shareholder has pledged to absorb the impact should the obligation materialise.

Sumatec spokesman Gary Liew told The Edge Financial Daily that the group’s board of directors had decided to bring the dispute to court and let the process takes its course.

“Even if the court’s judgement is in favour of the bondholders, Markmore [Sdn Bhd] will be the one that makes the payment. Sumatec will not be affected,” he said, adding that the claim relates to legacy issues that to the group’s understanding had been settled when it disposed of Semua International Sdn Bhd.

Liew said that from Sumatec’s perspective, the disposal had been completed and Semua International is no longer in the group’s books after the regularisation plan back in 2013.

Markmore, which is 99.9% owned by Tan Sri Halim Saad, has a 19.61% stake in Sumatec.

In fact, Liew revealed that Sumatec and Markmore had entered into an agreement for the latter to make the said payment by using the RM480 million proceeds it will receive from the disposal of the Rakushechnoye oil and gas field in Kazakhstan.

Sumatec’s announcement on the bondholders’ demand on Jan 9 did say that Markmore would bear the RM72.33 million claim.

“Although they (bondholders) demanded a settlement within 14 days, now that we are bringing it to court, we will have to wait for the court to decide,” he explained.

“We [would] also like to clarify that Sumatec’s financial standing remains strong because no matter we win or lose the case, the liability exposure is not sitting within the group,” he added.

Last August, Sumatec proposed to acquire a 100% stake in Markmore Energy (Labuan) Ltd (MELL) from Markmore for US$250 million or RM1 billion based on an exchange rate of US$1 for RM4.

MELL, through its wholly-owned subsidiary, Markmore Central Asia BV, holds the entire participatory interest in CaspiOilGas LLP (COG), which in turn is the concession owner of the Rakushechnoye field.

Sumatec on March 8, 2012 entered into a joint investment agreement with MELL and COG to appoint Sumatec as the operator of the said field.

Under the agreement, Sumatec is entitled to 100% of profit for the first two million barrels of oil produced, and thereafter 50% of the profit.

Sumatec also proposed a par value reduction and rights issue to raise funds for the acquisition.

The par value reduction involves cancellation of four sen per share to 10 sen per Sumatec share.

The rights issue aims to raise as much as RM750.91 million, of which RM480 million is slated for the acquisition of MELL.

Aside from cash payment, the acquisition would be satisfied via issuance of up to 1.44 billion new Sumatec shares at an issue price of 10 sen apiece, equivalent to RM144 million; and issuance of up to 3.76 billion redeemable convertible preference shares (RCPS) amounting to RM376 million, at an issue price of 10 sen per RCPS.

Subsequent to the announcement of the former bondholders’ settlement demand on Monday, Sumatec shares fell 1.5 sen or 15.79% to close at eight sen yesterday.

Nevertheless, Liew is confident that the share price movement is unlikely to affect Sumatec’s proposals to acquire MELL and the rights issue.

At eight sen per share, Sumatec has a market value of RM309.29 million.



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Listing Circular(201701115100058)
Company Name DANAINFRA NASIONAL-ETBS 4.23%0721
Stock Code / Short Name 0400GC / DIN042300721
Date & Time Announce 11/01/2017 07:00:00 AM
Subject DIN042300721 - Notice of Book Closure

Content
DIN042300721 - Notice of Book Closure
ILC-11012017-00005
Profit payment in respect of the Exchange Traded Sukuk for the period from 25
July 2016 to 24 January 2017 (183 days), calculated based on 4.23% per annum on
the nominal value and on the basis of the actual number of days elapsed and 365
days (actual/365 days). Kindly be advised of the following : 1) The above
Company's securities will be traded and quoted 'Ex - Profit? as from: 19 Jan
2017 2) The last date of lodgment : 23 Jan 2017 3) Date Payable : 25 Jan 2017
Remarks: Profit Payment Service Provider: Bursa Malaysia Depository Sdn Bhd 2nd
Floor, Exchange Square Bukit Kewangan 50200 Kuala Lumpur Tel: 603-2034 7751
MANAGER, SEC. MARKET
You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com

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