In a filing to Bursa Securities, state-owned entity Perak Corporation Berhad said it has entered into a Debt Settlement Agreement with CIMB Bank Berhad with regard to an outstanding amount of RM29.3 million it owes.
According to the statement, the figure was based on a facility agreement the Perak Corporation’s subsidiary, PCB Taipan had with CIMB for a revolving credit of RM30 million which was granted through various offer documents by the bank. After failing to settle the credit, in 2020, CIMB declared Perak Corporation and its subsidiary ‘cross-default’ in respect of the revolving credit facilities of up to RM90 million granted to them. This was after Affin Islamic had declared default since extending credit facilities to the group as well, back then both parties had jointly demanded full payment of the revolving credit facilities but to no avail.
However, having since been listed as a PN17 public listed company, Perak Corp has agreed to make the settlement as part of its restructuring and regularisation plans. The aim is to resolve the financials and get itself removed from the Bursa Practice Note 17.
