Malaysian Merchant Marine pays off RM 8.16 million Al'Bai Bithaman Ajil Islamic serial bonds

By Marisa Wong

Madison, Wis., Jan. 13 - Malaysian Merchant Marine Bhd.'s board of directors said that RM 8,161,469 was remitted to the Employees Provident Fund (EPF) as partial payment of the company's RM 120 million Al'Bai Bithaman Ajil Islamic serial bonds facility on Dec. 30.

The board said that all of the company's vessels have also been repossessed by EPF and disposed of on account of the debt due to EPF. As a result, Merchant Marine does not have any more assets, and liabilities of about RM 20 million have been fully written off.

Malaysian Merchant Marine is a Kuala Lumpur-based investment holding company focused on sea transportation and ship management services.

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