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Press Release
03 Aug | Tuesday
MARC provides update on MEX II

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.

Read more here
source: MARC
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