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Wednesday, September 4, 2013

IRCB to get capital injection (Star)

PETALING JAYA: Integrated Rubber Corp Bhd (IRCB) will get a capital injection by investors Cheang Poy Ken and Keen Setup Sdn Bhd for RM44.8mil for its debt settlement.

IRCB is also expected to enter into a debt-settlement agreement with Malayan Banking Bhd, Maybank Islamic Bhd, Ambank (M) Bhd and CIMB Bank Bhd for the full and final settlement of all amounts of borrowing or indebtedness or liability including without limitation principal, interest, costs, charges or expenses or other liabilities up till the settlement date owed.

“The lenders shall then cancel or withdraw any demand or proceedings made for any claims under their respective credit facilities prior to the date of the debt settlement agreement, if any,” its statement at Bursa Malaysia said.

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