Ingress Fails To Make Sukuk Repayment, Stock Gets Slammed!

Posted before.

• Ingress Corporation
• Regarding Ingress Corporation Again
• Ingress Again!

Today Ingress is hot on the news: Ingress unable to deposit RM25m

• KUALA LUMPUR: Ingress Corporation Bhd is unable to deposit RM25 million, which is 50% of the Sukuk first principal repayment of RM50 million, which was due on April 9.
  
  The company said in the past two years, it had engaged the trustee and sukuk holders to resolve the non-compliance of certain covenants of the Sukuk and a proposed refinancing of the whole of the Sukuk, which, however, did not materialise.
  
  “Ingress has informed the trustee and the Sukuk holders of its inability to make the required deposit during a meeting with the Sukukholders held today, April 9,” it said.
  
  Ingress has taken steps to address the debt position by appointing PricewaterhouseCoopers Advisory Services Sdn Bhd (PwC) on March 27 as financial adviser to review the overall group’s financial position to draw up a financial restructuring plan.

If you follow those older postings + what's the current news is implying, this is a massive warning on Ingress!

And the stock is getting slammed big time! The stock last traded at 0.165, down a whopping 25%!!!