KUALA LUMPUR (Jan 10): Sumatec Resources Bhd shares fell 10.53% in active trade this morning after its creditors terminated three collateralised loans extended to the company, and demanded that the company pay up RM72.33 million within 14 days from the date the termination and demand notice was issued on Jan 5.

At 9.16am,Sumatec fell 1 sen to 8.5 sen with 33.93 million shares traded.

The debt is being called up by Malaysian Trustees Bhd (MTB), trustees to the three lenders — Kerisma Bhd, Capone Bhd and Prima Uno Bhd, according to Sumatec's bourse filing this evening.

The group's solicitors, Shearn Delamore & Co, has advised that the company is not obliged to pay the sum owing under the facilities, given that a provision under the settlement agreement (SA) inked with the creditors in 2013 stated that the appropriate remedy for the bondholders is to instruct MTB to pursue RM17 million from three entities for the breach of the SA, namely Hoe Leong Corp Ltd, Setinggi Holdings Ltd and/or Hoe Leong's nominee.

The solicitors added that the bondholders should pursue Semua International Sdn Bhd for any remaining dividend payment stipulated in the 2013 SA with Semua International Sdn Bhd.