We continue to be dismayed by the apparent lack of willingness on the part of BPMB
and PWC to cooperate with us in order to achieve a fair outcome for the many stakeholders in Alpha, but we are at the same time enthusiastic about the prospects of our strategy going forward.
In addition, the Alpha equipment listed in the notice of sale is represented by BPMB to be in good working order.
Regrettably, our proposals to BPMB have been rejected without a counter-offer.
The financial flexibility is further highlighted by a strongly-worded Letter of Support provided by BPMB in respect of the RM160 million IMTN.
Apart from the financial flexibility derived from BPMB, the rating reflects Borcos' position as one of the larger local players in marine support services.
On July 25, 2006, Alpha entered into a debenture agreement with BPMB
for RM 20 million (US$6.
Under the FFA, the grant funding will be disbursed by BPMB
, a development bank owned by the Malaysian Government and mandated to provide medium to long term financing to capital intensive development and infrastructure projects.