KUALA LUMPUR: MALAYSIAN MERCHANT MARINE BHD [] said the associated liabilities of about RM20 million have been fully written off.
MMM said on Thursday, Jan 13 that it was informed by BHLB Trustee Bhd that RM8.16 million was remitted to the Employees Provident Fund (EPF) being partial payment of the Islamic debt notes account.
It said the sum was remitted to the EPF on Dec 30 last year and it was notified of the latest development about its RM120.0 million Al'bai Bithaman Ajil Islamic serial bonds facility on Jan 3.
'The board confirms that with this transaction, all of its vessels have been repossessed by EPF and disposed off on account of the debt due to EPF. As such, the company does not possess any more assets and the associated liabilities of approximately RM20 million have been fully written off,' MMM said.
MMM said on Thursday, Jan 13 that it was informed by BHLB Trustee Bhd that RM8.16 million was remitted to the Employees Provident Fund (EPF) being partial payment of the Islamic debt notes account.
It said the sum was remitted to the EPF on Dec 30 last year and it was notified of the latest development about its RM120.0 million Al'bai Bithaman Ajil Islamic serial bonds facility on Jan 3.
'The board confirms that with this transaction, all of its vessels have been repossessed by EPF and disposed off on account of the debt due to EPF. As such, the company does not possess any more assets and the associated liabilities of approximately RM20 million have been fully written off,' MMM said.
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