Seacera gets letter of demand for RM18.3m from AmBank Islamic

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KUALA LUMPUR (June 20): Tile manufacturer Seacera Group Bhd has been served a letter of demand for RM18.3 million from AmBank Islamic Bhd.

In a filing to the stock exchange today, the Practice Note 17 (PN17) firm said it received the letter as the guarantor for facilities taken by its subsidiary Seacera Ceramics Sdn Bhd in respect of total amount outstanding and due payable under the Murabahah Tawarruq Term Financing-I and Cashline-I.

"The company is required to settle full settlement within seven days from June 19, 2019, failing which AmBank Islamic shall proceed with necessary action as deemed fit and all costs to be incurred by the company," it said.

At the midday break today, Seacera fell 2.27% or 0.5 sen to 21.5 sen, with 1.33 million shares traded.