KUALA LUMPUR, Dec 17 — Perak Corporation Bhd’s (PCB) wholly-owned subsidiary PCB Development Sdn Bhd has entered into two separate inter-conditional sale and purchase agreements (SPAs) with the Social Security Organisation (Socso) for the proposed disposal of land in Perak worth RM78.7 million.
In a filing with Bursa Malaysia today, the group said Socso will buy four pieces of commercial land and one residential land in Kinta, Perak.
“The proposed disposal provides an avenue for the group to raise cash proceeds which can be channelled towards our business operations and to enable to repay bank borrowings,” it said.
Meanwhile, PCB also has proposed to undertake the Proposed Scheme of Arrangement pursuant to Section 366 of the Act for the settlement of the scheme companies’ outstanding liabilities and debt obligations.
Scheme creditors to be included in the Proposed Scheme of Arrangement shall comprise those who have proven their claims, including such claims known, presently unknown, contingent or otherwise, as well as any corporate guarantees that have crystallised, as at June 30, 2020 (cut-off date).
As at the cut-off date, the aggregate outstanding liabilities to be settled by the scheme companies under the Proposed Scheme of Arrangement, amounted to approximately RM858.37 million.
PCB said the Proposed Scheme of Arrangement is a comprehensive proposal aimed at resuscitating the financial viability of the group by restructuring the repayment of indebtedness due to the Scheme Creditors and the consequential interest servicing burden.
“This will alleviate the financial burden of PCB and enable the group to focus on reviving its business,” it added. — Bernama
