Perwaja: Amount due to Swissmarine at US$6m

KUALA LUMPUR: Perwaja Holdings Bhd’s amount due to Swissmarine Services SA over a contract of affreightment (COA) to transport steel from Mexico to Perwaja’s plant in Kemaman, Terengganu is only US$6mil.

In a joint statement issued to Bursa Malaysia on Thursday, Perwaja said Swissmarine Services, a Switzerland-based vessel operator, had claimed for US$6mil.

“The outstanding amount of US$6mil for the two remaining shipments under the COA have not been billed and will only fall due on Dec 31, 2008,” they said.

These shipments were delayed following a delay in iron ore delivery by a Mexico-based supplier.

These outstanding shipments had also been converted into a new COA of shipments, which Perwaja would exercise in 2009.

“The entire outstanding COA amount has no negative financial or cashflow impact to Perwaja as it has already been backed by deposit payment,” the statement said. Swissmarine managing director Peter Weernink said both parties had reached an amicable solution to this issue.

“Perwaja and Swissmarine have been working together for a long time and enjoyed a good partnership,” he said.