PETALING JAYA: Seacera Group Bhd’s largest shareholder Datuk Tan Wei Lian has not engaged the group on his proposal to inject RM30 million or more.
“Accordingly, the management and the board of Seacera are unable to confirm on the veracity of the article (about Tan’s pledge),” Seacera said in a filing with the stock exchange.
Seacera added that without further information, the group is unable to assess on whether the implementation of such proposal is viable and adequately comprehensive to address its current financial concerns.
“In order to ensure the successful implementation of any such proposal, the company will also require the undertaking shareholder to provide proof for financing for verification purpose prior to the Board tabling such proposal to the shareholders for approval.”
Even if the RM30 million fund injection is available, Seacera said it is still far from sufficient to resolve the group’s liquidity concerns considering its total liabilities of close to RM100 million against cash and cash equivalents of merely RM5.47 million as at December 31, 2018.
Its debt obligations towards various stakeholders including trade and other payables as well as financial institutions stood at RM99.43 million as at end of 2018.
“In view of the potential material implications of events currently affecting the company as set out in the voluntary announcement dated April 18, 2019, the board has been taking proactive measures/steps to address the crisis currently faced by the group,” it noted.
At the midday break, Seacera’s share price gained 4.7% to 33.5 sen on 21.01 million shares done.
