Slot machine maker RGB’s creditors have given the company’s
proposal to refinance existing debt paper amounting to rm76 million their full
backing as it means they do not have to take haircut.
It has been making losses for the past four years prior 2012.
In Aug 2012, it proposed to issue a seven year unrated CP/MTN of up to
rm77 million. Under the proposal, the proceeds will be used to refinance the
current outstanding rm76 million worth of debt paper.
The company had a
cash pile of rm23.3 million as at June 30, 2012 while its total borrowings
stood at rm97.9 million in bank debts and onshore foreign currency loans.
RGB has been working on cleaning its balance sheet over the past two
years. The slot machine maker retired rm13 million in 2011 and rm7 million in
2012.
It was profitable in the last two financial quarters, posting a net
profit of rm124000 in the first quarter ended March 31 and rm475000 in the
second quarter ended June 30 2012.
Its slot machine concessions in the Philippines
and IndoChina are generating steady cash for
the company.
It took 200 idle machines out of Cambodia
and installed them at new sites in Indochina .
It had over 53000 machines placed out in the market now (Aug 2012).
Its financial woes began in 2009 when its venture in
Cambodia came to a premature end
when the government banned electronic gaming machines in slot clubs. As a
result, some 3100 slot machines were shut down, causing RGB to report losses in
the past four financial years.
Nevertheless, the group has successfully relocated and recognized the
full depreciation for those machines.
Its good
performance in the first half 2012 was due mainly to its concession business.
The second half 2012, it sees a higher contribution from the sale of new
machines.
Apart from slot machines it also supply bingo machines to this region.
It will seek new concessions in the region and provide support and maintenance
services. It has already secured a concession to supply bingo machines to the
Philippines .
The new bingo machines are expected to contribute meaningfully to
RGB’s revenue from 2013.
With better cash flow, a stronger balance sheet and new revenue stream,
it is back on the track to profitability in 2012.
It is now treading carefully in regional expansion.
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