PwC advised on the sale of certain assets and business of a leading Malaysian confectionery company

The PwC Malaysia Corporate Finance team is pleased to announce the completion of Project Aston - the sale of certain assets and business of a leading Malaysian confectionery company (in liquidation) ("Company") to a Malaysian food and beverage manufacturing and distribution company (“Purchaser”).

The PwC Malaysia Corporate Finance team assisted the PwC Malaysia Business Recovery team which acted as Liquidator in selling the assets and business of the Company as part of the liquidation of the Company. In consideration of the compressed timeline and liquidity situation of the Company, our team structured and facilitated an efficient and value-driven process, made possible with our strong transaction experience, acute understanding of the local market and extensive network of potential bidders.

To maximize valuation, we worked closely with the Liquidator to maintain and position the assets as a going concern “business”. The Purchaser was able to effectively take over the plant and machineries, trademarks and employees and continue running the business immediately after the transaction. This is opposed to the ordinary liquidation deals where the business has ceased and buyers could capitalise on buying distressed assets.

The transaction agreement was signed within 6 months and closed within 9 months from the start of our involvement, amidst the Covid-19 pandemic.