There will be no financial impact from the total amount demanded of RM121,428,856.82 by Maybank on Sumatec Group as the substantial shareholder of Sumatec has consented to pay, if it arises. Also, if the six (6) vessels owned by SSSB which is in the verge of being sold, is sold, the financial impact will be minimal.

There will be no material operational impact to Sumatec Group as the amount demanded is not related to the core business.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5357749

i think dun expect right issue in near term

sentiment wise really diu nia sing lor.. there are total 3 default cases so far....

huh i thought it was a good news ? mr chan finally not in sumatec..hahahahah

aiyoyoyo

so fast meh....not until they come out announcement

again.. only you the last one know this news .


freeman *Corporate news:*

*Sumatec Resources Bhd*’s associate Semua Shipping Sdn Bhd has received a legal notice from *Malayan Banking Bhd (Maybank)* for allegedly defaulting on loans totalling RM121.4m. (Financial Daily)


*6th Mar 2017*
Disclaimers: This distribution is by CIMB Investment Bank Berhad in Malaysia only. The views are our own as of this date and subject to change. No further distribution is allowed without our prior written consent. CIMB makes no recommendation, offer or invitation to transact in any securities, futures contracts or other instrument. Please make your independent evaluation, consider your own investment objectives and financial situation and consult your own professional advisers before participating in any transaction.
06/03/2017 09:15

Aiyoyo... Tomorrow after market should have announcement kot

Aiyoyo dream sounds so confideny with suma ni....

Management should see this coming on last October. R&A deal cancelled. Reason they said semua shipping had ceased operation. I think that time both suma n hoe loe already want to close biz for semua shipping. N they foresee maybank going to chase money for the term loan.

Dun tell me they duno tis coming. Unless they r the most diu nia sing management.

Ah lick wont go bankruptcy. Stil got 6 vessels. Maybank lelong it la.
Also hoe loe might have obligation to share the liabilities ma.

Jus like semado case. 2 Vessels. Now is 6 vessels.

Morning

http://www.hellenicshippingnews.com/semua-shipping-ceasing-operations-says-hoe-leong-corp/

HOE Leong Corporation, which has a stake in Semua International, on Friday said that the latter’s Semua Shipping has decided to cease its operations and dispose of its vessels.



I think they are selling the vessels . just like Semado case .

http://www.straitstimes.com/business/hoe-leong-corps-associate-leases-out-oil-tankers-for-58-million

Hoe Leong Corp's associate company, Semua International and its subsidiaries - a Malaysian oil tanker and transport logistic company - has been awarded two contracts from a large oil major worth up to about RM150 million (S$58 million).

The charter contracts are for three years for two of Semua's oil tankers.

last time lease out two tankers for 3 years can get 150 M .

niama i dun understand why Semua Shipping cant make money ....

like Dream said Tan Sri need to ciakap satu kali lagi lor aiyoyoyo

btw .
https://sg.finance.yahoo.com/news/sumatec-loans-cancelled-creditors-demand-163102167.html

The company is in the final stage of developing and securing funding for the new development programme,” it added


Suma getting funding soon ? the PP ?

aiya sell at 5 m USD , can get 20 m RM for one lor ....20 x 6 = 120 M ..

if cant sell higher price ...the oustanding suma and Hoe Loe share share ma.


aiyoyoyoyo

http://www.fleetle.com/vessels/8418

built 1998 , asking price 6 m USD, 24M RM .

semua shipping one can sell for 20 M each ah ?

nomanland last time sumatec and hoe loe plan to transfer all the semua share to R&A . R&A is a listing company . I believe they want to transfer the loan liability to R&A. but the deal failed .

Now dunno Hoe Leo and Sumatec plan to do what to resolve the issue

the R&A deal cancelled . but the above url got mention the details of the 6 vessels .

Semua Shipping's core activities are shipping and provision of shipping-related services.

It owns six product tankers which have a capacity of 8,000 dead-weight tonnage (DWT) each. These product tankers are used to transport refined petroleum products such as jet fuel, diesel oil, gas oil, fuel oil and kerosene. All these vessels have long term charters with Shell Malaysia.
Read more at http://www.thestar.com.my/business/business-news/2016/05/04/ra-telco-buying-semua-shipping-for-rm150m/#YLEHeeqrYiq4R8Md.99

Hoe Leong own 80 % stake in Ebony Ritz and Ebony Ritz own 49 % stake in Semua International

Semua International shareholders comprise Sumatec and Ebony Ritz Sdn Bhd with each holding a 49% stake. Hoe Leong holds the remaining 2% stake.

Hoe Leong owns a controlling 80% stake in Ebony Ritz. Auspicious Journey Sdn Bhd holds 20% in Ebony Ritz.

http://www.theedgemarkets.com/my/article/sumatec-emerge-ras-major-shareholder

Semua International shareholders comprise Sumatec and Ebony Ritz Sdn Bhd with each holding a 49% stake. Hoe Leong holds the remaining 2% stake.

one .. this is not sumatec need to pay 121 M .. there are 6 vessels maybank can lelong it . and sumatec only need to pay outstanding amount . now the question is , suma need to pay how much ?

at this link ,http://www.businesstimes.com.sg/companies-markets/semua-shipping-ceasing-operations-says-hoe-leong-corp

Hoe Leong does own a stake in semua shipping . Does Hoe Leong got obligation to share some of the loan repayment ?

Ozzie what is yr opinion on maybank loan default issue ?

So does this mean hoe leong own semua shipping too ?

HOE Leong Corporation, which has a stake in Semua International, on Friday said that the latter's Semua Shipping has decided to cease its operations and dispose of its vessels

http://www.businesstimes.com.sg/companies-markets/semua-shipping-ceasing-operations-says-hoe-leong-corp

Ini 6 sampans kasi maybank bole settle the loan ah...aiyoyo tan sri mell lagi satu kali ciakap.
Will help suma kau tim this loan if suma is asked by court to pay..aiyoyo

Rta going to buy the semua shipping group..wat is the progress ? Does the deal include rta to assume all the semua shipping liabilities ?

The 6 vessels are attached to the term loans . If this vessels value is far less than 121m . Will maybank approve the loan. Can be jus like semado case. Sell or take the vessels . Suma pay the outstanding amout

Not yet. As paulthesotong said jus ask maybank to take the sampans

This time sumatec immediately report this term loan issue before it got advise from lawyer...very dueligent.

http://splash247.com/semua-shipping-finds-a-buyer/

Last year news sumatec is selling semua shipping..for 150 m . Wat is the status now. The article above mentioned got 6 vessels.

Can close shop maybank chase 121 m

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5357161

Suma boleh move meh...aiyoyo

Aiyoyoyo....bila mau 65 ini....

nanti operator kasi factor in lagi lor...aiyoyo

today sumatec waiting the semado court case result ah ?

May be the database table is full or crashed. All posts gone. They deleted it.

the site crashed , i was unable to access it just now

gone

Lia itu oil specialist ma..dragon ciakap pinya

http://www.cnbc.com/2017/02/28/opec-compliance-with-oil-curbs-rises-to-94-percent-in-february-survey-says.html

Current market price for condensates is 50 usd per barrels.

Halim said end of 2018. 3000 of bpd condensates. The gas process facilities need 18 months to complete.

Not like previous proposal asking suma to buy the oil fields from tan sri.
I guess this take over of oil field is postpone given the current low oil price environment n the fact usd rate is so high.