On Feb 8 2013, the CDRC has approved its application for assistance to mediate with its creditor banks over loans of rm16.89 million defaulted in Dec 2012.
The company is required to submit restructuring scheme which must comply with CDRC’s restructuring principles for IRCB to remain under the Informal Standstill Arrangement with the bankers within 60 days from Feb 6 2013.
Also IRCB’s substantial shareholder Lau Joo Yong had acquired some 4.13 million IRCB shares on Jan 31 2013 from the open market, thus raising his stake in the rubber glove company to 7.57% stake. Lau also bought some 1.2 million IRCB shares from the open market on Jan 29, 2013.
If a substantial shareholder is picking up IRCB shares, it usually means that he has confidence in the future of this PN17 company.
On 22 2013, it was facing possible winding up procedures if it failed to pay back its rm16.89 million debts to Malybank Bhd. There would be major impact on its financials and operations should the winding up proceedings be taken upon the company.
Cheang was appointed as MD of IRCB, following the resignation of major shareholder Tan Keng Beng, after his family sold a 10.89% stake to Cheang via an off market deal. The Tan family has since to cut down its stake in the company further. On Feb 5 2013, the family sold some 30 million IRCB shares via off market transaction. As a result, the family is now no longer a substantial shareholder.
Cheang emerged as a substantial shareholder in IRCB on Jan 4 2013 following his acquisition of 65 million shares at 15 sen per share.
IRCB made a cumulative net loss of rm18 million in the nine months ended Oct 31 2012.
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