MKLand has sought indulgence from holders of The Seven Year Series of Tranche 1 Bonds and Tranche 2 Bonds for
deferring the obligation to place monies into the Sinking Fund Account (“SFA”). This is a serious change in the terms of a Bond Issue, but under the circumstances, it is likely that the bondholders would agree to the request. A rejection would result in a default, which I do not believe the bondholders would to live with at this moment. Nevertheless, for MKLand, this is a serious blow. It has planned to raise some funds via a private placement ( go
here) but this did not materialize due to the poor market condition. It is difficult to see how it could do so in the near future, unless the market can recover significantly soon.
The share price dropped to a low of RM0.34 in the early morning before recovering to close at RM0.365 (losing 10 sen from last Friday's close). The stock is now trading at its all-time low. Given the poor market outlook, it is best to avoid this stock.
Chart: MKLand's monthly chart as at May 2, 2008 (courtesy of Quickcharts)
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