RM5b injection not to repay Valuecap's debts, says Nor Mohammed

Sun2usrf | The RM5 billion to be injected into Valuecap Sdn Bhd by the Employees Provident Fund (EPF) will not be used to repay its RM5.1 billion debt due in February, Second Finance Minister Tan Sri Nor Mohamed Yakcop said.

Winding-up Budget 2009 at the committee stage, he said ValueCap's main shareholders - Khazanah Nasional Bhd, Permodalan Nasional Bhd (PNB) and Pensions Trust Fund Council (KWAP) - have agreed to refinance the loan.

"So far, ValueCap had been able to pay off all its loan interests within the stipulated duration and at the same time, it had also been capable of paying dividends to its shareholders,” he told the Dewan Rakyat today.

Khairy Jamaludin (BN-Rembau) had raised the issue in his debate while Tony Pua (PJ-Utara) had said according to documents from the Securities Commission, ValueCap had issued bonds on Feb 28, 2003, which would mature three years from the date of issuance and can be extended for another three years, as allowed in the terms of the bond in 2006.... selanjutnya.