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.