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Friday, December 31, 2021

Trading of MEX II's RM1.3b bonds suspended

 


CIMB Investment Bank Bhd has suspended trading of 14 tranches of securities for highway operator MEX II Sdn Bhd, a subsidiary of Maju Holdings Sdn Bhd.

According to a filing with Bank Negara today, CIMB said it has not received payment of the amounts due on Dec 31 (today) under the outstanding suku murabahah arrangement.

CIMB is the facility agent for MEX II Sdn Bhd's RM1.3 billion bond. The bond was supposed to finance a 19km three-lane dual-carriage highway linking Putrajaya to KLIA.

MEX II had deferred two payments this year. On April 29, the company was supposed to make coupon payments of RM68.7 million but this was deferred to Aug 27. On Oct 29, it was due to make coupon payments of RM38.2 million.

Both payments were deferred to Dec 31 (today).

Maju Holdings is a privately-held conglomerate that is best known for the Terminal Bas Selatan, Maju Junction commercial building in Kuala Lumpur and the Maju Expressway, which links Kuala Lumpur to Putrajaya.

In 2019, Maju Holdings made a bid to take over the profitable Plus Malaysia Bhd, which operates the North-South Highway and several other major highways.

Maju Holdings is controlled by Abu Sahid Mohamad, who stepped down as chairperson of Perwaja Holdings Bhd in 2013. - Mkini

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