CHHB ... May 09

It is seeking its bondholders consent to transfer properties equivalent to RM16.23 million in value in lieu of payment of interest.

It had sought deferment of interest payment for the RM150 million 3% to 8% redeemable secured bonds 1996/2009. The interest payment for bonds amounted to RM16.23 million would be due on May 6 2009.

CHHB, via the trustee - Universal Trustee (Malaysia) Bhd – had sought the indulgence of the end beneficiaries of the bonds, CIMB Bank Bhd and United Overseas Bank (Malaysia) Bhd for the interest payment to be deferred until Dec 31, 2009.

Alternatively, the trustee is also seeking their consents for the payment of interest to be made otherwise than in cash, by way of transfer of properties equivalent to a value of RM16.23 million.

CHHB was awaiting the beneficiaries’ written replies.

The interest payments of the bonds are payable semi-annually in May and November each year. Since the bonds were issued on April 26, 1996, the company had paid interest totaling RM118.5 million.