We refer to our announcements dated 7 December 2018, 24 January 2019, 5 March 2019 and 28 March 2019. The Company wishes to announce that the High Court of Malaya at Shah Alam has, at the hearing today in respect of the application for a judicial management order for Scomi Rail Berhad (“SRB”), adjourned the hearing to 6 May 2019. Further development on the above matters will be announced to Bursa Malaysia Securities Berhad in due course. This announcement is dated 19 April 2019.
We refer to our announcements dated 18 January 2019, 18 February 2019 and 18 March 2019. The Company wishes to inform that there are no developments on the status of the default in payment as at the date of this announcement. Further announcement on the development of the above matter will be made as and when necessary. This announcement is dated 19 April 2019.
This week is important for Scomi as the period of 14 working days for the conditions precedent of the Settlement Agreement dated 4 April 2019 between Scomi and Prasarana to be complied is going due on 24 April 2019. Once the conditions precedent are fulfilled, the Settlement Agreement will be triggered in which Prasarana will pay RM181 million to Scomi during the period when Scomi is to rectify and deliver the 5 trains, i.e. within 6 months from 24 April 2019 based on the Settlement Agreement as per the announcement. I believe that RM181 million will cover the continue serving of Maybank loan. This is why Maybank has extended until 30 April 2019, not the usual 7 days, 14 days etc as preferred by lawyers, which is to ensure that the Settlement Agreement becomes unconditional. I personally do not think the extension by Maybank is in anticipation of new investor(s).
The transport minister said don't pressure scomi ,I just gave them 300 millions job, or else I ask my taiko LGE to disturb your bank,under finance minister
today..5 million share bought by someone at one go ..must be fully confident. Top up some more..hope by the end of this month..Scomi able to close deal with new investor and fly
Tomorrow is crucial. Let's wait for the announcement about the conditions precedent of the Settlement Agreement which are as follows:
"The SA is conditional upon the fulfilment of the following conditions within 14 working days from the date of the SA, or such period mutually agreed by the parties, failing which the SA shall lapse and cease to have any further effect:
(i) the signing of an escrow agreement between the Parties and an escrow agent (“Escrow Agent”) and the deposit of the complete set of documents as agreed (“Agreed Documents”) with the Escrow Agent;
(ii) STP procuring a written legal opinion in relation to STP’s ownership of the Agreed Documents;
(iii) STP procuring written confirmation from STP’s lenders that they are agreeable to STP entering into the SA; and
(iv) the parties withdrawing their respective claims and counterclaims against each other arising from the Contract in connection with the Project.
(collectively, referred to as “Conditions Precedent”).
These conditions don't seem difficult to be complied with.
just wait..its should be not that long..i would expect the latest by next week..company need to move forward after issue with previous BN govt got settled. Work have to start asap.
Everyone is waiting for the announcement I guess, but someone is still collecting. It is hard to imagine if the Settlement Agreement is cancelled due to failure to fulfill the condition precedents, but even that they have to announce too. Guess the announcement will come latest by end of this month. Good luck.
But this is different. It involves the Federal Government of which the Minister himself attended the signing and made the announcement which involved Cabinet decision. Yet the conditions precedent are so procedural which are not difficult at all. Personally I don’t think the delay is an issue, as the Agreement has also provided for extension subject to mutual consent, I guess Prasarana can’t make any drastic adverse decision without bringing it back to the Cabinet.
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Posted by legend > 2019-04-17 19:11 | Report Abuse
Good luck!