Hong Seng Unit Enters Debt Settlement Deals Worth RM63.61 Mln

KUALA LUMPUR, April 9 (Bernama) -- Hong Seng Consolidated Bhd’s wholly-owned subsidiary, AIMAX Capital Sdn Bhd, has entered into debt settlement agreements totalling RM63.61 million with four borrowers.

The diversified group said in a Bursa Malaysia filing that AIMAX Capital signed the agreements on Thursday with Datuk Liu Han Ming, Von Victory Sdn Bhd, Chia Yan Mei and Nah Choon Jeck.

“The proposed debt settlement involves the full and final settlement of the principal indebtedness.

“This will be satisfied via the transfer of 184 units of serviced apartments, all located in Kajang, Selangor, at an agreed total settlement value of RM62.48 million (settlement value) to AIMAX Capital and/or its nominee(s),” said Hong Seng.

The proposed debt settlement involves a total principal indebtedness of RM63.61 million, resulting in a differential sum of RM1.12 million.

Of the total, Liu accounts for RM36.95 million, to be settled with 109 units valued at RM36.40 million, leaving a differential sum of RM548,193.95.

“Von Victory’s outstanding amount of RM6.17 million will be settled with 18 units valued at RM6.06 million, resulting in a differential sum of RM114,570.27.

“Meanwhile, Chia’s indebtedness of RM6.24 million will be settled with 14 units valued at RM6.11 million, with a differential sum of RM127,035.26,” it said.

Nah’s RM14.24 million will be settled with 43 units valued at RM13.91 million, leaving a differential sum of RM332,507.88.

Pursuant to the agreement(s), AIMAX Capital has agreed to assign or novate all of its benefits, rights, title, interest, duties and obligations in and to the properties to its wholly-owned subsidiary, AIMAX Assets Sdn Bhd.

The unit, which is engaged in investment holding and property investment, will streamline the ownership, holding and management of the properties.

-- BERNAMA