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发表于 5-1-2010 08:14 AM
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http://www.btimes.com.my/Current ... /Article/index_html
LCL Corp notified over plans to cancel loan to unit
By Adeline Paul RajPublished: 2010/01/05
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Debt-ridden LCL Corp Bhd (7177), whose share price shot up by 53 per cent yesterday, said it received notice from The Royal Bank of Scotland Bhd (RBS) over plans to withdraw and cancel loan facilities that were granted to its unit.
LCL told the stock exchange after the market closed yesterday that its unit LCL Furniture Sdn Bhd, which is under receivership, had received the notice last Thursday as it was in arrears of RM40.2 million.
The notice came from Messrs Skrine & Co on behalf of RBS. About RM19.5 million of the arrears were guarantee/bond facilities, while the rest was an overdraft facility.
Besides RBS, LCL Furniture also owes Affin Bank Bhd and Bank Islam Malaysia Bhd, bringing its total arrears as at the end of last year to RM112.2 million.
LCL, which last month slipped into Practice Note 17 (PN17) status, denoting its financially troubled position, also announced late yesterday that its board of directors was considering and formulating a plan to regularise its financial condition.
It said it has another 11 months to submit such a plan to the authorities for approval.
Prior to the two announcements, the stock soared by 8 sen to 23 sen on speculation that it might have made headway in its regularisation plan. It was the fifth most actively traded counter.
Dealers said the interest in LCL also came about after a run-up in another PN17 firm, Ho Hup Construction Co Bhd.
Ho Hup jumped 58 per cent to RM1.40 after its shareholders approved two land sales and on talk that it would start a big property project.
Other PN17 firm, such as Talam Corp Bhd (up 10 per cent) and Oilcorp Bhd, (up 26 per cent) were also among the top 20 most actively traded stocks yesterday.
Analysts believe it will take time for LCL to make progress with its debt restructuring or to find a white knight to come in.
Managing director and founder Datuk Low Chin Meng, when contacted, said he did not know the reason for the spike in share price.
He also denied market talk that he might have bought back shares in the company yesterday. "No such thing," he told Business Times.
Low had last year sold off all his shareholdings to help pay off the company's debts. CIMB Islamic Bank Bhd also force-sold 16 million of his shares that had been pledged as security against financing.
LCL Furniture, a victim of the Dubai debt crisis, had defaulted on payments on its credit facilities after a plunge in property prices there resulted in non-payment by clients. |
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