MAXBIZ - General Announcement
Company Name: MAXBIZ CORPORATION BERHAD
Stock Name: MAXBIZ
Date Announced: 30/12/2010
Subject: MAXBIZ CORPORATION BERHAD ("MAXBIZ" OR "THE COMPANY")
- MONTHLY STATUS ANNOUNCEMENT ON DEFAULT IN PAYMENT PURSUANT TO PRACTICE NOTE 1
Contents: Further to MAXBIZ's announcement made on 30 November 2010, the Board of Directors of MAXBIZ wishes to inform that there are no changes in the status of the default in payment in relation to the following :-
(a) The redemption of 50% of the nominal amount of the RM3.0 million 2 years 5% Redeemable Unsecured Loan Stocks (RULS) from the RULS holders;
(b) The repayment of arrears of the Term Loan facility of RM5,000,000.00 granted by CIMB Bank Berhad (Formerly known as Bumiputra-Commerce Bank Berhad) to M.K.K. Industries Sdn. Bhd., a wholly-owned subsidiary of the Company, whereby the amount owing as at 28 February 2007 was RM1,720,740.80; and
(c) The demand of the sum of RM23,070,388.38 (including principal sum of RM22,615,598.00) as at 8 October 2006 with interest on RM22,615,598.00 at the rate of 2% per annum from 9 October 2006 to 6 October 2009 and an additional late payment interest of 1% per annum on all overdue sums from 9 October 2006 to date of expiry under the Trust Deed dated 16 July 2004 (constituting RM22,615,598.00 nominal amount of 5 years 2% Redeemable Convertible Secured Loan Stock 2004/2009) (RCSLS) between MAXBIZ and Pacific Trustees Berhad, who is the Trustee for the Holders of the said RCSLS.
This announcement is dated 30 December 2010.