KUALA LUMPUR (Jan 6): CIMB Bank Bhd, which is the financier of the Asia Petroleum Hub Sdn Bhd (APH) project, has appointed PricewaterhouseCoopers (PwC) as receivers and managers over APH to facilitate a restructuring exercise.
Muhibbah Engineering Bhd said in a statement to Bursa Malaysia on Friday that the APH project was viable and it was “working with various financiers, including CIMB, and other relevant parties towards an amicable solution”.
To recap, APH had awarded an RM820 million contract for Muhibbah to undertake marine piling and jetty works. Payments later stalled and about RM371 million was outstanding.
In mid-June 2011, news reports that APH had been placed under receivership by CIMB Bank sent Muhibbah’s shares tumbling 32 sen to RM1.52 from RM1.90 in a single day.
Investors were understandably concerned whether Muhibbah would be able to collect RM371 million owed by to it by APH.
Muhibbah Engineering Bhd said in a statement to Bursa Malaysia on Friday that the APH project was viable and it was “working with various financiers, including CIMB, and other relevant parties towards an amicable solution”.
To recap, APH had awarded an RM820 million contract for Muhibbah to undertake marine piling and jetty works. Payments later stalled and about RM371 million was outstanding.
In mid-June 2011, news reports that APH had been placed under receivership by CIMB Bank sent Muhibbah’s shares tumbling 32 sen to RM1.52 from RM1.90 in a single day.
Investors were understandably concerned whether Muhibbah would be able to collect RM371 million owed by to it by APH.
