PETALING JAYA: An associate firm of Perak Corp Bhd

has defaulted on a RM18.36mil financing owed to Malaysia Debt Ventures Bhd (MDV).

Perak Corp, which is the corporate guarantor for the financing, is 52.3%-owned by the Perak state government via Perbadanan Kemajuan Negeri Perak. MDV is a subsidiary of the Minister of Finance (Inc).

In a filing with Bursa Malaysia, Perak Corp announced that Suaconcept Pro Sdn Bhd, a 49%-owned associate held through PCB Equity Sdn Bhd, had on June 30 defaulted in its repayment obligations under the project financing facility.

MDV has issued a notice of termination to Suaconcept. It is demanding a RM9mil payment from Perak Corp, representing 49% of the outstanding indebtedness of Suaconcept as at end-June 2026.

Perak Corp said it submitted a proposed structured repayment arrangement to MDV on July 10. Following this, MDV has placed the notice in abeyance for a 30-day period to facilitate further discussions to finalise a settlement.

It clarified that Suaconcept is not a major associate company and that Perak Corp has previously recognised its share of losses up to the carrying amount of its investment.