Seacera's top shareholder pledges to invest RM30 million to settle credit liability

KUALA LUMPUR, April 18 (Bernama) -- Datuk William Tan Wei Lian, the single largest shareholder of Seacera Group Bhd with a 16.4 per cent stake, has pledged to inject at least RM30 million into the company to resolve its cash flow and credit liability, if need be.

He said this in a press statement in response to the Seacera management's announcement to Bursa Malaysia today on the necessity to carry out two proposals to avoid “a grave financial condition.”

These are the settlement of RM31.31 million that the group owes to creditors by issuing 149.09 million new Seacera shares and a private placement of up to 126.34 million new Seacera shares, representing about 30 per cent of Seacera's existing issued share capital. 

Tan refuted the need to carry out the proposals, saying the company had net assets totalling about RM838 million and 501-acre land free from encumbrances with a book value of about RM784 million.

In a statement to the exchange, Seacera's board of directors was of the view that its proposed capitalisation was imminent for the company to immediately address its current cash flow position for the repayment of its current debt obligations towards the settlement creditors and financial institutions, and for its working capital requirements.

On Tuesday, Seacera chairman Datuk Seri Mansor Masikon adjourned the company’s extraordinary general meeting, during which the board was to seek shareholders’ approval for the proposed capitalisation and a private placement.

-- BERNAMA