KUALA LUMPUR (Sept 23): Biosis Group Bhd’s wholly-owned unit Biosis Cosmeceuticals Sdn Bhd (BCSB) received a notice of demand from AmBank (M) Bhd involving an outstanding sum of RM876,628.48.

In a filing to Bursa Malaysia today, Practice Note 17 entity Biosis said it received the notice last Friday (Sept 18).

“The receipt of the notice of demand is a result of BCSB failing to settle the amount outstanding under the term loan facility as at Aug 31, 2015 of RM876,628.48, being the banking facility granted by AmBank to BCSB.

“The company is currently in discussion with its solicitors on the next course of action in respect of the above matter,” Biosis said.

Biosis is diversifying into property development. Biosis had in June this year signed a memorandum of understanding with YBU Holdings Sdn Bhd to jointly develop and run a medical technology park.

The park will be developed on an 18-ha (45.16 acre) site in Pengkalan Aor, Perak.

Biosis’ share trade has been suspended since June 10 this year, after Bursa Malaysia rejected its regularisation plan. Biosis is appealing against the regulator’s decision.

Shares in Biosis were last traded on June 9 this year at two sen.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)