MCAT Box Office Sdn Bhd and Reel Entertainment Holdings Sdn Bhd

The PwC Malaysia Corporate Finance team is pleased to announce the completion of Project Leisure - the sale of majority of the assets and business of MCAT Box Office Sdn Bhd and Reel Entertainment Holdings Sdn Bhd (in liquidation) ("Companies") to Golden Screen Cinemas Sdn Bhd (“Purchaser”).

The PwC Malaysia Corporate Finance team assisted the Liquidator in selling the assets and business of the Companies as part of the liquidation of the Companies. Considering the cash flows situation of the Companies, our team structured and facilitated a highly efficient and targeted sale process with an aim to achieve the best offer within the shortest period of time, leveraging on our strong execution experience and valuable insights on the local market to maximize deal certainty.

Despite the huge impact of the pandemic on the cinema industry, we managed to secure binding offers in less than 3 months since our involvement. We also worked closely with the Liquidator to preserve the value of the assets as well as managing and aligning various stakeholders in the process. As a result of close collaboration between the Corporate Finance and Business Restructuring Services team, the Purchaser was able to effectively take over the leases, equipment and offered employment to some of the employees whilst the secured lenders were able to get 100% recovery.

The transaction agreement was signed within 5 months and closed within a year from the start of our involvement, amidst the Covid-19 pandemic.

The PwC team:

Gregory Bournet
Partner, PwC Malaysia

Natalie Peong
Senior Manager, PwC Malaysia