Transaction News:
Sale of The Andaman, Langkawi

We are pleased to announce that our client, Andaman Resort Sdn. Bhd. (Receivers and Managers Appointed) (“ARSB”) has entered into an agreement on 21 June 2024 to dispose The Andaman in Langkawi to Mutiara Hotels & Resorts Sdn. Bhd. for a total consideration of RM130 million.
 
ARSB is a wholly-owned subsidiary of Landmarks Berhad. According to Landmarks Berhad’s announcement to Bursa Malaysia Securities Berhad, part of the sale proceeds will be utilised to fully repay the indebtedness owing to the chargee bank and the balance is intended for working capital/ day to day operations requirements. The disposal is also expected to result in estimated gain of RM103.9 million based on the market value of the assets in ARSB of RM130.0 million.
 
Our lawyers who assisted ARSB in this transaction are Partners, Wong Chee Lin, Claudia Cheah Pek Yee, Jesy Ooi and Janice Ooi Huey Peng; and Senior Associate, Engy Tan.
 
Media coverage of the transaction can be accessed at:
 
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3458582
 
https://www.edgeprop.my/content/1908596/landmarks-units-receiver-and-manager-finds-buyer-langkawi-luxury-resort