Woi, Malaysians Bigger Scandals Await Us!!! - 9 Banks Asked To Write Off RM 7.6 Billion Sapura Energy Debts Which Is More Than All The Combined Profits Of All Bank In Malaysia & 3 Times Higher Than Genting HK Loses At RM 2.5 Billion

Get ready to a massive shock to our KLSE and economy. 9 Banks asked to write off RM 7.6 Billion which is more than the combined profits of all banks in Malaysia. Bank stocks are going to take a hit which will drag down the rest of the market. This amount is 3 times higher than Genting Loses at RM 2.5 Billions.

Sapura Energy, which is saddled with RM10.3 billion in loans from nine banks, has begun discussing a debt-restructuring plan and is planning to sell some of its assets to return to sustainability. In addition to the nine lenders, the company also owes RM1.5 billion to about 3,000 vendors, The Star reported.

Sapura Energy’s group chief executive officer Anuar Mohd Taib said it has received “majority support” from its nine lenders to start negotiations. “Sapura Energy can no longer sustain its operations under its current debt load, which demands almost half a billion ringgit in interest payments annually.

The faster we can restructure our debt, the better,” he was quoted as saying.

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