Idris to transfer units, associate firms to an SPV, BUSINESS TIMES

Business Times (Malaysia) | June 23, 2003| | Copyright

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IDRIS Hydraulic (Malaysia) Bhd will set up a special purpose vehicle (SPV) to acquire subsidiaries and associate companies except for Tahan Insurance Malaysia Bhd. Idris Hydraulic is in the midst of a debt restructuring scheme that will see it transferring its listing status to a new company, Idaman Unggul Sdn Bhd. Under the restructuring scheme, the SPV will issue RM234 million nominal value two-year zero-coupon redeemable secured loan stocks (SPV RSLS) pursuant to Idris' proposed creditors' schemes of arrangement. Idaman Unggul will pay on behalf of the SPV the aggregate ...

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