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18 November 2008
CLARIFICATION ON ARTICLE ENTITLED "SWISSMARINE AND PERWAJA LOCK HORNS" DATED 17 NOVEMBER 2008 BY THE EDGE MALAYSIA
The Board of Directors of Perwaja Holdings Berhad ("Perwaja") refers to the article reported in The Edge Malaysia dated 17 November 2008. The article, entitled "Swissmarine and Perwaja Lock Horns" described a dispute involving Perwaja and Switzerland-based vessel operator Swissmarine Services SA ("Swissmarine") over a contract of affreightment ("COA") for iron ore amounting to USD12.2 million (RM43.9 million) to be shipped from Mexico to Perwaja.
The Board wishes to clarify as follows:
- A full payment of USD3.2 million has been made for the first of three shipments in the COA.
- The outstanding amount of about USD6 million for the two remaining shipments under the COA have not been billed and will only fall due on 31 Dec 2008. These shipments were delayed consequent to a delay in iron ore delivery by a Mexico-based supplier. These outstanding shipments have also been converted into a new COA of shipments, which the Company will exercise in 2009.
- The Board does not expect any issues in resolving the outstanding COA amount being claimed by Swissmarine as the outstanding sum is backed by deposit payment.
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