NFCorp has prospective buyer ready to make full loan repayments — chairman

KUALA LUMPUR (May 21): National Feedlot Corporation Sdn Bhd (NFCorp) said it has found a prospective buyer since Oct 25 last year, who is prepared to repay its outstanding loan within three months of securing the government’s approval for NFCorp’s restructuring.

NFCorp chairman Datuk Seri Dr Mohamad Salleh Ismail said NFCorp was still waiting for approval from the government.

“NFCorp’s new buyer has already agreed to assume full liability of NFCorp’s original loan and is ready to make “Full Redemption” payments on the outstanding loan sum with the government.

“This intention was conveyed to Prime Minister Tun Dr Mahathir Mohamad via a letter dated Nov 21, 2018,” he said in a statement, in response to an earlier statement by Minister of Finance Lim Guan Eng today.

In the statement, Lim said NFCorp still owes the government an outstanding loan amount of more than RM250 million, and the government is seeking full repayment of the loan plus interest and late interest charges.

Mohamad Salleh said the prospective buyer had also informed the government of its willingness and confidence to revive and restructure NFCorp, including making full repayment of its loan with the government.

The potential buyer and the government, especially the Ministry of Agriculture and Agro-based Industry, have discussed and planned for the restoration of the project to achieve the goal of National Food Security, especially in halal food production issues, he said.

“I believe that Lim’s statement is a follow-up to a letter dated May 17 submitted by the new buyer to the Ministry of Finance to make the ‘full redemption’ payments.

“I am confident that under the leadership of the prime minister, this issue will be resolved in the best possible way, whereby NFCorp will repay the outstanding loan amount to the government, and this project which is full of potential will be redeveloped by the government and NFCorp’s new buyer,” he said.