PETALING JAYA: Mithril Bhd is selling off 29 parcels of commercial office space in Menara MAA, Kota Kinabalu for RM43.2mil to repay its redeemable convertible secured loan stock (RCSLS).
Mithril is compelled to repay in full the outstanding amounts owing to the RCSLS holders.
In its filing with Bursa Malaysia, the company said the sale was “paramount to avoid an event of default under the terms of the trust deed and deeds of assignment of the RCSLS”.
The proposed disposal is expected to result in a consolidated after-tax loss on disposal of RM5.3mil and represents a discount of about 10.9% on the market value of the properties.
By The Star
Thursday, December 15, 2011
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