null MARC provides update on MEX II
MARC provides update on MEX II
3 Aug 2021 | Tuesday source: MARC
MARC highlights that MEX II Sdn Bhd's (MEX II) RM1.3 billion Sukuk Murabahah Programme and RM150.0 million Junior Bonds which carry ratings of CIS/C remain at risk for imminent default.
We note that the liquidity remains severely strained and understand that no material progress has been made on a planned restructuring of its financial obligations. MEX II faces a looming repayment of around RM68.7 million on August 27, 2021, followed by a further RM38.2 million on October 29, 2021. It had reported cash of just about RM7.8 million in its Finance Service Reserve Account at end-May 2021.
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