Muhibbah by Kenanga Research
- Muhibbah has already filed a lawsuit against APH and the project’s managing contractor ZAQ Sdn Bhd to recover rm381 million. The suit is still pending. It was reported that APH’s receiver and manager is set to call for a tende rto bring in new shareholders to rescue the project. Muhibbah ongoing woes with APH would not push the group into PN17 status as it has the financial muscle to absorb the provisions for the claim if necessary. Muhibbah estimated that the remaining net additional impact, if any, on the group’s shareholders fund is rm245 million after taking into account provisions and adjustments made in previous years.
|MUHIBBAH SAYS FURTHER IMPACT OF RM245M DUE TO PULLOUT OF FINANCING FOR ASIA PETROLEUM HUB IN JOHORE|
09 July 2012
MUHIBBAH SAYS FURTHER IMPACT OF RM245M DUE TO PULLOUT OF FINANCING FOR ASIA PETROLEUM HUB IN JOHORE MUHIBBAH reported Jun 27, 2012 that certified Receivable due from the Asia Petroleum Hub project in Johore amounted to RM399.5m and that the Net Additional Impact on the Group's Shareholders' Funds will amount to RM245m due to the pull out of financing by CIMB BANK.