AFP to redeem Amcol bonds

AFP to redeem Amcol bonds

SINGAPORE (Reuters): Asia Food & Properties Ltd (AFP) will
redeem all outstanding bonds in now-defunct Amcol Holdings Ltd
amounting to S$285 million by Monday, its deputy chief financial
officer said yesterday.

In a telephone interview with Reuters, Suwandy Chen said AFP
will pay off a total of S$365 million worth of bank borrowings,
including the bonds, due from Amcol to its creditors.

A debt moratorium agreed with the creditors ends on July 18.

Amcol, a property and trading group which went bankrupt last
year, was taken over by the Indonesian Sinar Mas group which
injected its property and food business in to the company and
renamed it Asia Food & Properties Ltd.

The outstanding bonds, comprising three tranches, $115
million, S$100 million and S$70 million, would be repaid next
week, Chen said.