PN 17 is technically triggered in relation to a listed company on the exchange that is in financial distress

it is not declared bankrupt yet, as far as i understand bankruptcies needs a declaration by the courts after one files for it

there are some remediation actions expected to be performed by the company (known as regularisation plan) basically to turn things around and make the company viable on a going concern

this includes a business plan going forward and talking to all creditors to restructure their debts (restructuring negotiations and talks are not guaranteed to succeed)

in terms of how much Serba's offshore USD bondholders can get back, it's a big question mark now

in normal circumstances, priority creditors (the banks) and secured creditors have their claims first, then remainders only trickle down, we can only speculate now but yes there could be a potential scenario where bondholders might be totally wiped off recovering nothing, let alone shareholders

Bondholders can compel Serba to pay off the debt immediately. In summary, Serba is in deep trouble. You can keep hiding the SIR but it will not do anything now. The bondholders will be coming for their assets

Please be informed that we have been notified through a letter dated 9 December 2021 sent by bond trustees HSBC via custodians that a trigger of a dissolution event has occurred due to the issuer missing its coupon payment after 30-days grace period (from 9 November 2021) ending today allowed to the issuer’s obligor Serba Dinamik Holdings.

A dissolution event is essentially triggered when the debt obligation of the issuer has not been met and bondholders, with a requirement of holding 25% of the total outstanding issuance (alone or together with others), can proceed to seek the dissolution of the trust (the vehicle to issue the offshore debt) and compel the debt to be immediately due for repayment.

At this point, we expect management to come forth to address the matter soonest and seek your kind understanding to allow our team to further advise on the matters hereon as the situation develops and more information surfaces.

How come nobody is reporting that Serba has officially defaulted on 2 of their USD denominated bonds?

Today is the last day for bond coupon payment. Tomorrow news will be out about Serba defaulting on their bond. No use to delay the reports or sue everybody. Defaulting on the bond will be their downfall

Official last day for bond coupon payment is 9th Dec

We are writing this email with regards to SDHMK 6.300% 09May2022 Corp (USD), kindly be informed that issuer Serba Dinamik International Sukuk Limited has made a partial payment of its coupon amounting to a total of USD 500,000.

Please note that USD 500,000 is the total amount shared amongst ALL noteholders and investors would proportionately receive their share based on respective nominal holdings.

As the grace period allowable for Serba only comes due on 9th of December (30 days from 9th of November), any further notice and payment shall be notified in due course accordingly.

They can sue and counter sue to delay the release of the reports. What they couldn't do is to delay the bond coupon payment. Pay up or it goes into default.

2 more weeks before bond payment considered as being defaulted

https://www.thestar.com.my/business/business-news/2021/11/12/serba-dinamik-clarifies-it-has-30-days-to-pay-coupon-payment-for-us300m-sukuk

Wtf @TryMakeGoodBuy said it is good cash conservation by not paying bond coupon. Next time can i tell my bank i will miss my installment because i want to practice good cash conservation? What a joker

Chinese developer Evergrande met a deadline to pay overdue interest on three US-dollar bonds before their grace periods ended, a report said Thursday, signalling it had averted another potential default and triggering a rally in the troubled firm’s shares.

All is not lost for Serba. As long as they can make the bond payment within the 30 day grace period

They really need to clear their bond payment first. If not bye bye to any chance of getting loans or further bond issuance in the future to raise capital

Only hope is for Karim to take it private

Kindly be informed that we have received notice from the Trustee, indicating that coupon payment that is due on 9th November has not been received from the bond issuer (SD International Sukuk Limited) nor from the guarantor (Serba Dinamik Holdings Bhd) on its bond SDHMK 6.300% 09May2022 Corp (USD).



Investors are reminded at the moment that this non-payment does not constitute a breach as bond covenant allows 30 days grace period for issuer to make good on the payment, failing which will only then trigger an official default.



In addition, both outstanding bonds of the issuer - SDHMK 6.300% 09May2022 Corp (USD) and SDHMK 6.997% 12Mar2025 Corp (USD) - contains cross default provisions which means that if the bond issuer defaults on one bond it would trigger a cross default on the other bond.

Serba has 30 days grace period before they are considered to have defaulted from their bond payment. All hell will break lose if they indeed defaulted. Nothing can save it. Not even a positive SIR

Failing to pay their bond holders is automatic death sentence. Zero chance for them to raise capital in the future. Look at the entire Evergrande fiasco, they die die also scrap thru and make bond payment

So anybody knows if Serba made payments for their bond which is due yesterday? Do they even have the capability to do so?

Serba bond is actually due for payment right now. Anybody knows if they have made the coupon payment? If they default this could spell trouble

Less than 30 min, already 80% of yest volume

samo50sg KJ and Hisham are both working hand in hand. Nur Jazlan is from Johor UMNO, Hisham’s home state. Connect the dots on your own

https://twitter.com/HishammuddinH2O/status/1328968127955296264?s=20

Khairy Jamaluddin Flag of MalaysiaHibiscus
@Khairykj
· 1h
Formally signed the bilateral agreement on vaccine development and accessibility with Minister Wang Zhigang of China which will see Malaysia getting priority access for COVID-19 vaccines. This is part of the high-level bilateral committee under @HishammuddinH2O.

Based on the recent news reported, looks like the vaccine candidates have indeed been narrowed down to China developed ones.

Makes sense due to the easier logistics involved (not -70 deg C) and China's commitment to prioritizing the ASEAN region. Since this is a Chinese government driven initiative, it is likely going to be cheaper too.

If we examine Kanger closely, we have an UMNO ex Cabinet member onboard pulling the strings. Read between the lines and you would know the explosive potential of this stock.

https://www.astroawani.com/berita-dunia/lima-calon-vaksin-covid19-china-masuk-ujian-fasa-akhir-mungkin-lebih-murah-268987

Kstar collapsing and Kanger flying. Not a coincidence.

Who is willing to come onboard for PP if they are not convinced by the potential of the vaccine. We are talking about institutional investors not ikan bilis like us here

Someone just compared transporting ice cream to vaccines LOL...I hope he is not in charge of the distribution in Malaysia

luna1234 where did you the the info that Sinopharm will be announcing their results?

Can see their urgency in trying to push the PP through. After all, vaccine should be around the corner already

Kstar done, people coming into Kanger?

Thanks Noobie123, that is what i thought as well. So as long as the PP exercise is not complete, then the price wont be able to move up

The 0.178 price for private placement is just an example in their proposal. Anybody knows if they mentioned the actual fixed price or has that not been determined?

So Bursa has given approval to the PP. When will be the period taken to determine the VWAP? Not mention in todays announcement

Any idea when the PP exercise will be completed?

Agreed with NPRA. The vaccine to China is not a mere money making drug. It is something to expand their influence and build goodwill with other countries.

That is why the Foreign Minister had been traveling around and promising to provide the vaccine to various countries, Malaysia included.

Whereas Pfizer is a private company with profit in mind. Priority wise, look at the number of Americans infected. They cant even keep their own backyard under control. How can they talk about exporting it to other countries?

Double bottom being formed. If we can break 0.22 then sky is the limit

When is the date for price fixing for the private placement exercise?

https://www.globaltimes.cn/content/1206008.shtml

None of the 56,000 people who were inoculated with a COVID-19 vaccine and travelled abroad have contracted the coronavirus, Sinopharm's chairman said on Friday.

Sinopharm Chairman Liu Jingzhen, said at a conference on Friday that some 100,000 people have been vaccinated with the company's vaccine and have shown none adverse reactions so far. Among those who were inoculated and travelled aboard, none have been infected with the virus, said Liu.

Some of those other received the emergency-use vaccine are employees of China National Petroleum Corporation, China Petrochemical Corporation and Technology giant Huawei.

Liu said that there are 99 people in Huawei's Mexico office, and 81 were vaccinated. Ten unvaccinated employees contracted with the virus in an outbreak in this office.

The fact that no one who received the vaccine has been infected, serves as more anecdotal evidence that the vaccine is working, Tao Lina, a Shanghai-based vaccine expert told the Global Times.

The data signals Sinopharm vaccine maybe close to being released on the market, Tao predicted.

Liu said that since June, Sinopharm's phase three clinic trial in dozens of countries and regions, including the UAE, Egypt, Bahrain, Peru and Morocco have more than 50,000 participants.

The results have moved the UAE ,Bahrain and other countries to approve urgent use of the Sinopharm vaccine, according to Liu, who told the conferred that he is "still alive and kicking, with no adverse reaction," after he was vaccinated in March.

Liu said the examples and scientific data prove the effectiveness of the company's COVID-19 vaccine.

Liu said Sinopharm is to produce about 100 million doses of vaccine by the end of the year, and estimates it will make 1 billion doses next year, to guarantee supplies especially for use by Chinese people, said Liu.

China has approved three vaccines for urgent use. Their vaccines have been given to high-risk groups, such as medical staff, diplomats sent to most-affected countries, and employees sent overseas under the Belt and Road Initiative.

These people have stayed abroad several months after being vaccinated, Zhou Song, general counsel CNBG, a Sinopharm subsidy said in September, according to the WeChat account of the State-owned Assets Supervision and Administration Commission of the State Council.

Global Times

Bursa doesn’t have a profitable gold mining company, so we just tembak any gold related counter is it? What sort of an investment logic is that. Gold mining and gold retailer is at opposite end of the spectrum la bro

Please stop equating gold the commodity with this gold retailer. People must know the difference

Gold is supposed to be a safe haven, a hedge during times of uncertainty. Gold has only declined 5-7% so far, yet this joke of a counter lost >50% in a matter of days. Stay away is my advice

Kevin Tam did you see any substantial shareholders of glove stocks sell their stake until they have to declare no longer a substantial shareholder?

I have tried to warn everybody here. Even if you believe in gold as a hedge, go and buy gold mining stocks, gold etf, gold bars and coins. Not a gold shop stock that will benefit minimally.

Ok la then i use another commodity as a comparison, let’s use oil. When oil price is rallying, do you buy the stock of an oil producer like Hibiscus or an oil refinery like Hengyuan which needs to purchase raw materials at high cost? Poh kong is like Hengyuan in my example but unlike petrol, gold is not a necessity and people can just choose not to buy when price is high

At least glove makers have the numbers to back up their valuation and the order books to justify future value. The lousiest glove maker can report 100% jump in profits.

Poh kong reported a loss of 2 mil in the preceding quarter. This was also the quarter where MCO was enforced signaling that its profits come mainly from retail sales. So have retail sales recovered significantly since April to support the 2-3x price action? Do you see people lining up to buy gold?

Nobody noticed that HLT just announced private placement to acquire land and build glove factory? Will rocket up on this news and positive supermax results

Directors are disposing, gold price have stagnate and likely will drop. Next door glove counter announced record profits. Only natural for Bursa punters to abandon gold and hop over to gloves

Gold price increased by 0.11% the last i checked, that justifies a huge buy back?

All the wealthy people already bought gold when it was sub usd2k la. US printing money is known for months already. Only fools will buy at this level

@TheYolo when it comes to forex you cannot analyse a currency in isolation as it is always relative. Yes US is printing money, but so is every country in the world at this moment to support their respective economies. The European Central Bank also announced a massive stimulus package. So relatively speaking, yes the USD is oversold (i emphasize short term) and should rebound against the other currencies (pound, euro, yen etc)