London Biscuits defaults on debt payment; directors resign
KUALA LUMPUR: London Biscuits Bhd announced yesterday that it has defaulted in RM9.83 million debt repayment to Bank of Nova Scotia Bhd (BNSB) due to “cash flow constraint”.
In separate filings, London Biscuit also saw changes in its boardroom, with executive director Datuk Wira Ranjeet Singh Sidhu and chief financial officer Loo Seng Kit resigning voluntarily, while independent and non-executive director Leslie Looi Meng resigned due to professional work commitments.
Ranjeet and Loo were appointed on June 17, while Looi was appointed in 2005. He is also an independent non-executive director of London Biscuit’s associate Khee San Bhd, according to its 2018 annual report.
According to a filing with Bursa Malaysia, London Biscuit has received a notice of demand (NOD) from the bank due to the company’s failure to pay the amounts due after the maturity dates under the facilities granted the bank.
The payment default was on May 10, 2019, said London Biscuits.
