Ingress Corp Bhd’s share price plunged 6.5 sen, or 29.5%, to 15.5 sen following yesterday’s announcement that it was unable to meet its bond obligation.
The auto parts manufacturer was scheduled to deposit 50%, or RM25mil, of the Sukuk first principal repayment of RM50mil into the Ijarah Service Reserve Account yesterday. The full repayment of RM50mil is due on July 6.
In its filing to Bursa Malaysia yesterday, Ingress said in the past two years, it did not manage to resolve the issues of non-compliance of certain covenants of the Sukuk and seek for refinancing of the whole Sukuk.
As part of efforts to address its debt position, it has appointed PricewaterhouseCoopers Advisory Services Sdn Bhd to formulate a comprehensive financial restructuring plan.
No comments:
Post a Comment