10 July 2013
Malaysian AE Models Holdings Bhd’s major subsidiary Matromatic Handlings Systems (M) Sdn Bhd (MHS) – a casualty of the ongoing delays faced by klia2 in Sepang – is now under receivership.
MHS secured a RM81.8 million sub-contract from the UEMC-Bina Puri joint venture in September 2010.
The contract was for the supply, installation and maintenance of a baggage handling system for the main terminal building, satellite building, skybridge and piers for the new low-cost carrier terminal. The job was initially to take 20 months to complete, from November 15, 2010 to July 14, 2012.
The group yesterday announced to Bursa Malaysia that Malayan Banking Bhd appointed Adam Primus Varghese Abdullah of ADAMPRIMUS as receiver and manager of the company on July 3, 2013.
MHS is principally involved in manufacturing, installation and marketing of material handling and conveyor systems and parts
Malaysian AE Models failed to service the monthly fixed repayment amounting to RM16.1 million as at May 31, 2013 in respect of a syndicated term loan facility of up to RM100 million. The event of default has triggered a demand from the financiers on the full outstanding amount of RM96.1 million as at May 31, 2013.
Malaysian AE Models said it is in the midst of discussing and negotiating with the financial institutions on the proposed settlement.
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