The non-payment event came just weeks after MAA’s controlling shareholder Tunku Datuk Yaacob Khyra came in as a non-executive director in KNM on Nov 1. When contacted by The Edge, Yaacob, who previously suggested the possibility of renegotiating or refinancing the Thai bonds, said he was briefed about the non-payment event at his first KNM board meeting. “I was quite disappointed that [the company] did not manage the non-payment event. “Because of this event of non-payment, it’s time for MAA to take a more serious role in the operations of KNM. At end-June, KNM had short- and long-term borrowings of RM711.86 million and RM623.48 million respectively, against cash of RM256.47 million.

Source: The Edge Markets November 29, 2021 17:25 UTC