Malaysia’s Hoe Leong Corporation has warned that two subsidiaries, Semua Chemical Shipping and Semua Shipping, have received winding up petitions from NFC Labuan Shipleasing I. The winding up petitions are scheduled to be heard at the High Court in Kuala Lumpur.
Semua Chemical and Semua Shipping will be contesting the winding up petitions.
Semua Chemical leased two chemical vessels, Semua Perdana and Semua Perkasa, from NFC on 25 February 2008. In connection with this, Semua Shipping had on 29 April 2009 issued deeds of guarantee and indemnity to NFC for the bareboat charters of Semua Chemical.
On 19 May 2014, NFC terminated the leases and made various claims under the Perdana bareboat charter agreement and the Perkasa bareboat charter agreement in the aggregate sum of $6,377,034 and $6,687,238 respectively. The winding up petition served on Semua Shipping relates to the corporate guarantees issued for Semua Chemical.
Hoe Leong also said today it is looking at restructuring the business of the Semua with a possible view to Hoe Leong exiting the sector.
