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Tuesday, July 15, 2008

Mah Sing agrees to waive RM194mil bank guarantee

PETALING JAYA: Mah Sing Group Bhd has agreed to waive its proposed bank guarantee of RM194.41mil from Prompt Symphony Sdn Bhd over the proposed en bloc sale of 263,435 sq ft of The Icon@Tun Razak.

Mah Sing said in a statement yesterday the RM194.41mil was 82% of the RM238.09mil sale consideration of the property to Prompt Symphony, a special purpose vehicle set up to acquire the property.

Mah Sing said the parties had signed a supplemental agreement allowing Prompt Symphony’s request for the waiver in order not to incur additional bank commission and costs under the bank guarantee.

Prompt Symphony would then release RM42.67mil within seven days from the date of signing of the supplemental agreement.

The remaining 82% or RM194.41mil would be paid seven days from the date of issuance of the architect’s certificate of practical completion.

Prompt Symphony is a unit of Autorn Corp Ltd, which is listed in Singapore and Australia. Upon completion of the joint venture agreement Prompt Symphony will be 80% owned by Kuwait Finance K.S.C. and 20% by Autron.

Work on The Icon@Tun Razak is at level 17 of the 20-storey office and it is expected to be completed in the first half of next year.

By The Star

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