Notice of Default to Tembusu Industries Pte Ltd (7th November 2017)
- Tembusu Industries Pte Ltd failure to make payment of the monthly lease payable under Sale & Purchase and Lease Agreement.
- Tembusu provided a personal guarantee of one of its director, Mr Tin Maung Kyin
- On 30th January 2015, HEXZA had enter agreement with Tembusu which HEXZA purchase a 8MW Power Generator in Myamar of total purchase price USD 6.0 Million and Tembusu shall lease back the Equipment from HEXZA for a period of 10 years at a monthly rental of USD 130,205.
- Due to the default, HEXZA impairment loss of RM 28.54 milion in the first quarter for the financial year end 30 September 2017.
- Tembusu’s failure to make payment on the monthly lease rental payable under agreement dated 30 January 2015.
- HEXZA appointed a law firm in Singapore to advise.
- Issued letter to Tembusu founder and majority shareholder Pete Tin Muang Kyin.
- Tembusu had reschedule the payment twice.
- Would impact earning per share by 11.1 sen.
Corporate Guarantee (6 November 2017 & 9 November 2017)
- Provide RM 10,000,000 corporate guarantee to HSBC for additional import line facility granted to Favourite Design Sdn Bhd
- Provide RM 7,570,000 corporate guarantee to HSBC for additional import line facility granted to Lii Hen Furniture Sdn Bhd
- Additional loans taken by LIIHEN.
Memorandum of Understanding (6 November 2017)
- MOU signed with Politeknik Melaka to support, promote mutual understanding and collaboration on programme and activities based on Industrialised Building System (IBS)
- AJIYA to provide technical training to Politeknik Melaka in relation with IBS Technology.