Thursday 28 Mar 2024
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KUALA LUMPUR (May 14): Daya Materials Bhd has defaulted in another of its payments, this time in relation to trade facilities from United Overseas Bank (Malaysia) Bhd (UOB).

According to a bourse filing, the group’s subsidiary Daya CMT Sdn Bhd (DCMT) had defaulted on RM1.33 million, and now has to pay UOB RM2.81 million.

The group said that its failure to pay the trade facilities was due to cash flow constraints that have lead to the group not being able to pay the facility in a timely manner.

“DCMT and the Company will discuss with UOB to regularise the outstanding payment of the New Total Outstanding Amount” said the group.

This is not the first time the group has defaulted on this particular trade facility, as it had previously defaulted twice in April.

According to separate bourse filings, the group had defaulted on RM708,000 on April 4, and RM770,000 on April 19.

Furthermore, it has been defaulting in credit facilities from other banks. From Feb 27 onwards the group had posted 18 announcements over its defaulting in payment to several banks.

These banks include RHB Bank Bhd, UOB, Malayan Banking Bhd, SME Bank Malaysia Bhd and MBSB Bank Bhd.

The counter closed unchanged at a sen — with 31.38 million shares traded — giving it a market capitalisation of RM20.43 million.

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