KUALA LUMPUR (June 26): CIMB Bank Bhd has withdrawn its support of the planned scheme to restructure Asia Petroleum Hub Sdn Bhd (APH), according to Muhibbah Engineering Bhd.
In a filing Tuesday, Muhibbah said its legal advisors had informed it of CIMB’s withdrawal of the support for the scheme that was filed previously by the Receiver and Manager (of PricewaterhouseCoopers) appointed by the Bank.
The Company is currently evaluating various courses of action and solutions. Further development will be updated accordingly.
Last year June 17, Muhibbah said Asia Petroleum Hub (APH) had identified an investor and was in negotiations with the investor to fully finance the completion of the APH hub project, including making due payments to contractors.
Muhibbah is one of the contractors for a petroleum hub and bunkering facility at the reclaimed island of Tanjung Bin, and its receivables for certified work done and related costs amount to RM 370.8 million as at Dec 31, 2010.
“As this is a oil and gas project with a secured business and the said investor due to finalise its financing transaction with APH, there are reasonable grounds to hold that the receivables are recoverable in due course,” Muhibbah had then said.