KUALA LUMPUR (Oct 26): Sumatec Resources Bhd said today its Miri-based associate Semado Maritime Sdn Bhd has defaulted on repayment of RM165.21 million which was due to Bank Pembangunan Malaysia Bhd on Oct 18 and 19. Semado had cited a delay in securing the completion of sale of the vessels for the default. To address the default, Sumatec said Semado is arranging for inspection of the vessels by potential buyers. It has also requested for extension of time from Bank Pembangunan, to complete the sale of the vessels. To date, Bank Pembangunan has not made a call on Sumatec’s corporate guarantee.

Source: The Edge Markets October 26, 2016 12:56 UTC