OILCORP BERHAD (3697)

Corporate's information:
Oilcorp Bhd. The Group's principal activities are engineering, procuring, constructing and contracting related services. Other activities includes property and resort operations and related services. The Group operates in Malaysia, Middle East and Asean.

Oilcorp Berhad is a Malaysia-based investment holding company. The Company operates in five segments: oil and gas and engineering, which includes engineering, procurement, construction and contract-related services in oil and gas related industries; property investment/resort, which includes property and resort operations and related activities and services; investment holding, which includes investment holding; fisheries, which includes deep sea fishing operations and related activities, and overseas special project (construction), which includes engineering, procurement, construction and contract-related sources in non oil and gas industries related industries. Its wholly owned subsidiaries include Oil-Line Engineering & Associates Sdn. Bhd., D’Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd. and D’Tiara Corp Limited.

Oilcorp Group is a well-diversified group of companies involved in three (3) core business activities, i.e. oil & gas, special projects, hotel, resort operation and property investment, and deep-sea fishing. While the oil & gas special projects are specific in nature, both the hotel and property investment and deep-sea fishing activities provide the Group with steady streams of recurring income.

Corporate History
Oilcorp Berhad ("Oilcorp") was incorporated on 12 July 2001 and assumed its present name since inception. We was successfully listed on the main board of Bursa Malaysia Securities Berhad on 5th August 2003. Oilcorp is principally an investment holding company, while the principal activities of Oilcorp's subsidaries are as follows:-

1. Oil-Line Engineering and Associates Sdn Bhd ("Oil-Line")
Principally involved in Turnkey Engineering, Procurement and Construction (EPC), Engineering, Procurement, Construction and Commissioning (EPCC), Engineering Procurement and Construction Management (EPCM), Engineering, Procurement, Installation and Commissioning (EPIC) and provision of integrated services for Oil & Gas, Biodiesel, Co-gen, Petrochemical and Power Generation industries and etc.
Oil & Gas (onshore)
Oil & Gas (offshore)
Special Projects
Oversea Projects

2. Oilfab Sdn Bhd ("Oilfab")(www.oilfab.com.my)
Principally involved in fabrication of major Oil & Gas offshore structures. Oilfab owned one of the largest integrated fabrication yard in Malaysia in term of land-area in the state of Selangor Darul Ehsan.
Yard Facilities
Fabrication Project

3. Ascentland Sdn Bhd ("Ascentland") (www.dtiara.com)
Principally involved in hotel, resort operation and property investment.
Hotel Resorts Operation
Property Investment
i. PD Tiara (www.tbr.com.my)
Principally involved in operation & management of Tiara Beach Resort an inland sea resort which spread over 23 acres land with the biggest man-made beach in Malaysia.
Hotel & Resorts management

4. Layar Visi Sdn Bhd ("Layar Visi") (www.kpnb.com.my)
Principally an investment holding company, which participated in the Konsortium Perikanan Nasional Berhad ("KPNB") to undertake the national project of managing, operating and overseeing the intergrated activities of deep-sea fishing, marketing and distribution and fish processing.
Deep Sea Fishing
Marine related activities


After seeing no thread in lyn regarding OILCORP although a lot of penny O&G company like BORNOIL, Vastalx already having their own thread,
so let's talk about OILCORP.
I had holding this company's share for a few months and found out that it's a good O&G company with a strong fundamental.
They also involve in hotel sector and deep-sea fishing sector other than O&G sector.
They own the well-known Tiara Beach Resort in Port Dickson, i think most ppl heard about this resort before right?
So any comment to share about this company?

Type
:
Announcement
Subject
:

Oilcorp Berhad (“OILCORP or the Company”):
• Default in Payment under Practice Note 1/2001 of the Listing Requirements of Bursa Malaysia Securities Berhad.

Contents
:

The Company had on 18 September 2009 announced that the Company has failed to meet its interest payment of RM1,643,806.85 due and payable on 17 September 2009 in respect of the Facility Agreement dated 9 September 2005 between EON Bank Berhad, CAPONE Berhad and OILCORP under a Primary Collateralised Loan Obligation (“CLO”) Transaction (“Facility”). The Company had on 29 October 2009 received a Declaration of Default under the Facility and the outstanding amount under the Facility to be immediately due and payable pursuant to the Facility Agreement.


Announcement Details :


The Company had on 18 September 2009 announced that the Company has failed to meet its interest payment of RM1,643,806.85 due and payable on 17 September 2009 in respect of the Facility Agreement dated 9 September 2005 between EON Bank Berhad, CAPONE Berhad and OILCORP under a Primary Collateralised Loan Obligation (“CLO”) Transaction (“Facility”).

The Company had on 29 October 2009 received a letter notifying a Declaration of Default under the Facility and the outstanding amount demanded under the Facility to be immediately due and payable as at 27 October 2009 are as stated in the said letter as follows:-

Principal sum RM45,000,000.00

Interest RM 1,951,471.23

Default Interest RM 487,072.60

Total RM47,438,543.83

Should the Company fail to pay these amounts within fourteen (14) days, CAPONE Berhad may commence legal action against the Company for the recovery of the same.

The Company is seeking legal advice on the matter.

This announcement is dated 30 October 2009.