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Tuesday, April 13, 2010

Talam sells land to settle Selangor debt

PETALING JAYA: Talam Corp Bhd has entered into a supplementary settlement agreement with the Menteri Besar Selangor Inc (MBI) to settle the balance debt amounting to RM150.61mil it owes MBI, by way of disposal of land (settlement assets).

It told Bursa Malaysia yesterday that the agreement was done on April 9 and that the assets were located in Bukit Beruntung 2.

It said the balance debt was from the total of RM391.98mil the company originally owed MBI of which RM241.36mil was settled and announced on March 12.

It added that the proposed settlement would reduce its bank borrowings and hence its interest cost, and settlement of its debt owing to MBI in full.

The proposed settlement would reduce the company’s gearing ratio from 1.92 to 1.49 times (based on audited statements as at Jan 31, 2009).

Together with the principal settlement agreement, the company’s gearing ratio would be reduced from 1.92 to 1.32 times (based on audited financial statements as at Jan 31, 2009).

It said the proposed settlement was estimated to be completed in six months from the shareholder’s approval or settlement of the encumbrances by MBI whichever was later.

By The Star

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