Edge CEO Morning Brief Section: News Ad Value: RM 5,741 17-Jun-2021 Size : 300cm2 PR Value: RM 17,224 Maju Expressway to undertake restructuring exercise to address liquidity issues Maju Expressway to undertake restructuring exercise to address liquidity issues BY JUSTIN LIM theedgemarkets.com KUALA LUMPUR (June 16): Maju Ex­ pressway Sdn Bhd (MESB) is undertaking a restructuring exercise that is expected to be completed by early August. “MESB is undertaking a restructuring exercise both at Mexl Capital Bhd as well as at its subsidiary MESB Sdn Bhd,M said NewParadigm Capital Markets Sdn Bhd, order that is in place as a result of the which links the Kuala Lumpur city centre the financial adviser for the restructuring Covid-19 pandemic,w it said. with Cyberjaya and Putrajaya. exercise. The sukuk holders are expected to vote Alliance Investment Bank Bhd is the The restructuring exercise would com­ on the restructuring exercise proposal by principal adviser/facility agent, while prehensively address the liquidity issues early July, said NewParadigm. Messrs Adnan Sundra & Low is the le­ faced by MESB resulting from the Cov­ “As part of the restructuring exercise, gal adviser. id-19 pandemic, a spokesman for New­ the principal repayment of RM50 million CIMB Investment Bank, the bond fa­ Paradigm said in a statement in response due on June 15 will be suspended. How­ cility agent, said in a filing with Bank Ne­ to an article on the matter in The Edge ever, all profit payments under the respec­ gara Malaysia's Fully Automated System yesterday. tive tranches remain current,M it added. for Issuing/Tendering (FAST) website that “lb provide context, Maju Expressway MESB, which is owned and operated MESB has defaulted on its RM50 million has been dealing with acutely lower traf­ by Maju Holdings Sdn Bhd, is the con­ bond principal after failing to redeem its fic volumes due to the movement control cessionaire of the 26km Maju Expressway, outstanding amount..