PETALING JAYA: SC Estate Builder Bhd’s wholly owned subsidiary SC Estate Industries Sdn Bhd has entered into an agreement with Sigmagate Capital Sdn Bhd and Ismail Idris for amicable full and final settlement of the RM2.77 million debt due and owing by Sigmagate Capital to SC Estate Industries for the supply of various construction materials on credit, to be satisfied by 21 pieces of a freehold land together with all buildings erected in Alor Star, Kedah.
The property is currently registered under Ismail’s name, who has agreed to step in as a third party to assist Sigmagate Capital in settling the debt with the property.
The market value of the property is RM3.65 million, which exceeds the sum of the debt owed, leaving an exccess sum of RM883,057.46.
“The excess sum shall be due and payable by SC Estate Industries to the debtor and thereon shall be settled within 5 years from the date of the agreement until full and final settlement,” the group said in a stock exchange filing.
SC Estate Industries is engaged in the trading of building materials, while Sigmagate Capital operates as a general contractor with subsidiary business in investment holding and rental collection.
“In consideration of the mutual agreements and undertakings in the agreement, SC Estate Industries had agreed to withhold taking legal action against Sigmagate Capital for the debt which was amounting to RM2.77 million,” SC Estate Builder said.
It added that the debt settlement is the best possible arrangement for the company to recover all the outstanding amount owing to SC Estate Industries.
Barring any unforeseen circumstances, the debt settlement is expected to be completed within one month.
source https://www.thesundaily.my/business/sc-estate-builder-subsidiary-to-receive-alor-star-property-as-debt-settlement-XY3177202
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