Sumatec gets legal notice over RM121m loan default

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KUALA LUMPUR (March 3): Sumatec Resources Bhd’s associate Semua Shipping Sdn Bhd has received a legal notice from Malayan Banking Bhd (Maybank) for allegedly defaulting on loans totalling RM121.4 million.    

In a filing with Bursa Malaysia, Sumatec said it received the notice yesterday after Semua Shipping defaulted six term loans for six vessels and one overdraft facility with Sumatec as guarantor.

The oil and gas provider said it will respond to Maybank’s solicitors through its own lawyers, and will make further announcements when it receives any legal advise from its solicitors.

Separately, Sumatec said its non-executive director Chan Yok Peng, 65, has resigned due to personal matters.

Chan was Sumatec managing director from 2003 to 2013 before being redesignated as a non-independent non-executive director in 2013.

Sumatec’s share price closed unchanged at 7.5 sen for a market capitalisation of RM289.9 million.