UHY Malaysia's Distressed Asset, Advisory & Management division was appointed by Affin Bank Berhad as the Receiver and Manager to dispose of Asian Neuro & Cardiac Center (ANCC) and sale of a 5 star hotel with Boustead Group.
Asian Neuro & Cardiac Center (ANCC)
Alvin Tee of UHY in Malaysia was appointed by Affin Bank Berhad as the Receiver and Manager of the property of Bio Science Capital Sdn Bhd (BSC). BSC owns the Asian Neuro & Cardiac Centre (ANCC) which is a six-storey purpose built medical centre located near the Subang Skypark. The indicative market value of the ANCC was more than RM100 million. The ANCC was later sold by Receiver and Manager to Sime Darby Berhad's (Sime Darby) Healthcare Division.
Sime Darby is listed on the Main Market of Bursa Malaysia. Sime Darby is also Malaysia's oldest and largest conglomerate with operations in more than twenty countries throughout Asia Pacific and Europe with a workforce of more than 100,000 employees.
Not related to Affin. However, I would rather say that we have the strength in completing these deals a largest conglomerate company, such as Sime Darby Group & Boustead Group.
Affin Bank Berhad (AFFINBANK) is a wholly-owned subsidiary of Affin Holdings Berhad which is listed on Bursa Malaysia. In June 2005, it merged with the former Affin-ACF Finance Berhad. To date, it has a network of 82 branches nationwide. The Bank is constantly reviewing the geographical reach of its branches to better serve its customers.
The Bank serves both retail and corporate customers. The business units of the Bank comprise Enterprise Banking, Consumer Banking, Debt and Capital Markets and Hire Purchase.
Royale Bintang Hotel Seremban
Formerly the Hilton Hotel, Seremban, the Royal Adelphi Hotel was later renamed the Royale Bintang Resort & Spa Seremban.
The Royal Bintang Hotel Seremban is situated on the Lake Garden's district of the state capital of Negeri Sembilan Darul Khusus, Royal Bintang Seremban. The Royal Bintang Hotel Seremban is a 5-star suburban Hotel, overlooking the city center as well as the hilly landscapes of Malaysia.
Acting as the Receiver and Manager, our professional team provided:
- Take possession of all assets belonging to the Company, including assets covered under the debenture;
- Secure and insure all the assets belonging to the Company, including assets covered under the debenture;
- Notify the management, employees (if any) and relevant authorities of the appointment of the Receiver and Manager and the effect of the receivership;
- Institute control over the daily operations of the Company;
- Liaise with the directors for the statement of affairs of the Company and all requisite documentation to facilitate the receivership and sale of assets;
- realise all the Company's assets by way of tendering.
Our dedicated Distressed Asset, Advisory & Management (DAAM) team provides practical and innovative solutions to the inherent challenges of a Receiver & Manager assignment. The team prides itself on its ability to deliver timely and accurate manner. The ANCC was disposed within a one-year period with an indicative market value of over RM100 million. The Royal Adelphi Seremban deal was completed within 20 months. The hotel was disposed of with ongoing operation.
Our Senior Partners and Directors for the corporate recovery and DAAM team have valuable experience and through the course of their careers built on their expertise to much success. Affin Bank was able to leverage on our capabilities in UHY to much success.