Tanco Holdings Bhd’s shareholders have approved the proposed settlement scheme to restructure its debt with lender, Lehman Brothers Commercial Corp Asia Ltd.
The settlement scheme of RM144.58 million involves the payment of RM44 million cash as well as the transfer and vesting of certain properties at an agreed value of RM100.58 million.
Tanco group executive director Datuk Lynne Tan said this will place the company on a better footing as it relieves it from existing secured debts as well as substantially reduce gearing in the future.
“This will allow us to move on and start our development plans for the remaining properties we have,” she told Business Times after the company’s extraordinary general meeting (EGM) here yesterday.
Tanco is expected to record a net exceptional gain of RM118 million, which would increase earnings per share (EPS) by 35 sen arising from the waiver of the remaining secured debts pursuant to the settlement scheme.
Tanco’s property settlement comprises 495 parcels of freehold properties and one parcel of leasehold property held by certain of its subsidiaries.
The settlement scheme of RM144.58 million involves the payment of RM44 million cash as well as the transfer and vesting of certain properties at an agreed value of RM100.58 million.
Tanco group executive director Datuk Lynne Tan said this will place the company on a better footing as it relieves it from existing secured debts as well as substantially reduce gearing in the future.
“This will allow us to move on and start our development plans for the remaining properties we have,” she told Business Times after the company’s extraordinary general meeting (EGM) here yesterday.
Tanco is expected to record a net exceptional gain of RM118 million, which would increase earnings per share (EPS) by 35 sen arising from the waiver of the remaining secured debts pursuant to the settlement scheme.
Tanco’s property settlement comprises 495 parcels of freehold properties and one parcel of leasehold property held by certain of its subsidiaries.
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