And SAAG Defers Its Borrowings Repayment

Posted several times before:

• SAAG Wants Your Money Again! * recommended*
• SAAG's Earnings
• Quick Look At SAAG's Earnings
• SAAG Private Placement Priced At 10 Sen!

On Friday: PRACTICE NOTE 1 / GUIDANCE NOTE 5:NEW DEFAULT            

• Pursuant to PN 1 of MMLR of Bursa Securities the Board of Directors of SAAG Consolidated (M) Bhd (“SAAG”) wishes to announce that SAAG, SAAG Oil And Gas Sdn Bhd (“SOG”), SAAG Drilling And Well Services Sdn Bhd (“SDWS”), SAAG RR Infra Ltd (“SAAG RR”), Jelang Fajar Sdn. Bhd.(“JFSB”) and SAAG Shipping Sdn. Bhd. (“SSSB”) (collectively “SAAG Group” or “Group”) have pending the finalisation of an acceptable debt restructure, deferred the repayment of principal and interest of the respective banking facilities listed as per Annexure 1.
  
  The SAAG Group of companies has also suspended payments to creditors in the ordinary course of business with immediate effect. Any decision on the course of action to liquidate or restructure the Group will depend on the decision following meeting with the Group’s Loan Creditors namely Arab Malaysian Bank Berhad, Export-Import Bank of Malaysia Berhad and Idaman Capital Berhad (CLO Holders) and meetings to be held with Malayan Banking Berhad and State Bank of India.

Last Friday Saag closed at 0.05.

Right now, SAAG is trading at 1 sen.

Amen.