KUALA LUMPUR (March 27): The Mentakab Star Mall (pictured( in Pahang is up for sale. According to a report by The Edge Malaysia, the “receiver and manager” of Mentakab Star Mall Sdn Bhd “is calling for interested parties to make an offer to buy the retail asset”.
Mentakab Star Mall is located on freehold land in the mukim of Mentakab in Temerloh district and is a five-storey shopping complex with a gross floor area of 807,771 sq ft with a total lettable area of 322,547 sq ft.
The publication did a search on the Companies Commission of Malaysia website to reveal that Chan Siew Mei of KPMG Deal Advisory Sdn Bhd was appointed as the receiver of Mentakab Star Mall on June 25, 2018.
KPMG also “recently” advertised the sale of Mentakab Star Mall on an “en bloc” and “as is where is” basis.
Sources told the business weekly that it is “not the first time KPMG has invited offers for the asset”.
“This is possibly KPMG’s third attempt to dispose of the mall,” said a source.
The report also stated that the in 2018, the mall was “valued at around RM120 million while the money owed to the bank was around RM70 million”.
“The market value of the mall was higher than the exposure,” another source said.
However, it is also” understood that although the mall has been operating as a going concern since KPMG’s appointment, it is likely that the cash generated is not sufficient to repay the debt owed”, wrote The Edge.
It added that “information on the mall and its tenants is scarce, but it appears that Pacific Hypermarket and Golden Screen Cinemas are two of its anchor tenants”.
Interested parties, including directors, guarantors and shareholders involved, have been invited to submit their offers by May 10, 2021.
The receiver and manager is not bound to accept the highest or any offer.
Read the full report in this week’s The Edge Malaysia
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