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Perak Corp.'s Associate Defaults on MYR18 Million Debt Payment

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Perak Corp.'s (KLSE:PRKCORP) 49%-owned company, Suaconcept Pro has defaulted on its repayment obligations under the project financing facility granted by Malaysia Debt Ventures, worth 18.4 million ringgit, according to a Monday filing with the Malaysian Exchange.

The associate has failed to meet the obligation in a timely manner with Malaysia Debt Ventures issuing a notice of termination on July 6, recalling the facility and demanding payment.

Meanwhile, the company, being a corporate guarantor proportionate to its indirect stake, received a separate notice of payment of 9 million ringgit.

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