Our main role as Specialist Advisors is to work closely with the client to develop and implement a suitable restructuring strategy to resolve Nam Cheong’s total debt obligations, which included Financial Institutions (FI) creditors, bondholders, and contingent creditors. Our key objective is to develop a holistic turnaround plan which addresses both operational and financial challenges of the company, and to propose and negotiate a debt settlement with Nam Cheong’s creditors that will allow the company to improve its financial position, maintain the business as a going concern, and achieve a strengthened balance sheet that will enable the company to remain competitive in the Oil & Gas sector. This engagement involves conceptualizing, advising, and executing the necessary actions for the successful resolution of the debt situation.
The Challenge
As advisors to Nam Cheong Limited (NCL), we facilitated the successful turnaround of Malaysia’s largest offshore support vessel builder from a state of deep insolvency. The 2014 oil price collapse invalidated NCL’s speculative shipbuilding model, leaving the Group with RM1.37 billion in debt and a RM771 million equity deficit. After an initial restructuring failed in 2018, the Group required a fundamental business and financial reset.
Our Strategic Intervention
Business Pivot: We guided the transition from speculative shipbuilding to a chartering-led model, leveraging NCL’s young fleet of 29 vessels to generate stable, recurring cash flows.
Mediated Negotiations: Entering the CDRC framework in 2020, we used expert validation to rebuild trust with eight banking groups
Value Optimisation: We demonstrated that the restructuring’s Enterprise Value (RM800 million) offered an eightfold increase in recovery compared to a 7.6% liquidation scenario
The Outcome
By demonstrating that out plan offered an eightfold increase in recovery value compared to a 7.6% liquidation scenario (RM823 million vs. RM104 million), we secured the mandatory 75% Approval-in-Principle (AIP).
Liability Reduction: Total liabilities were slashed from RM1.5 billion to RM582.7 million
Equity Reversal: Equity was restored from a massive deficit to an RM837 million surplus
Market Confidence: Since completion, NCL’s market capitalisation rebounded by 329% in 2024, validating its long-term viability and successful return to operational independence.
Sage 3 was engaged as Daya Materials Berhad (now known as Propel Global Berhad) as its Specialist Advisors to conceptualize, advise and implement an appropriate strategy to achieve a resolution of its total debt with Creditors and Financial Institutions. Sage 3 negotiated a fair and equitable debt settlement to the Creditors that Daya to sustain viable operations and secure new investors.
Reference LetterOur primary objective was to restructure Megasteel’s RM4 billion indebtedness with various parties including Creditors and Financial Institutions.
Reference LetterSuccessfully provided strategic direction to assist in the debt restructuring of RM690 Million for ICON which had included negotiations with affected parties, including the lawyers on record.
Reference LetterOur main role as Specialist Advisors is to work closely with the client to develop and implement a suitable restructuring strategy to resolve Nam Cheong’s total debt obligations, which included Financial Institutions (FI) creditors, bondholders, and contingent creditors. Our key objective is to develop a holistic turnaround plan which addresses both operational and financial challenges of the company, and to propose and negotiate a debt settlement with Nam Cheong’s creditors that will allow the company to improve its financial position, maintain the business as a going concern, and achieve a strengthened balance sheet that will enable the company to remain competitive in the Oil & Gas sector. This engagement involves conceptualizing, advising, and executing the necessary actions for the successful resolution of the debt situation.
Dayang Enterprise Holdings Berhad’s capital structure was reorganised optimally to ensure debt levels were sustainable to meet financial obligations at a group wide level and was efficient to exploit the future opportunities when the oil and gas sector recovered. As part of the capital structure reorganisation, RM682.5m sukuk murabahah was issued by the company whilst the subsidiary, Perdana Petroleum Berhad, raised RM475 million from a redeemable convertible preference share offering.
Acted as expert witness in relation to Business Valuation and Accounting. Our clients succeeded in their claim against the parties identified.
Successfully disposed of an equity stake in BAC to a private equity fund.
Prepared a detailed Information Memorandum, along with our assessment of the value of the business, which was provided to prospective investors. Following which we led negotiations with the numerous Private Equity funds and provided advice on which offer BAC should accept.
We helped to conceptualize and implement appropriate strategies to achieve optimal recovery of MDV’s non-performing loan (“NPL”) portfolio. This involved drawing up a recovery action plan for each NPL and facilitating mediation with borrowers.
At a later date we helped review the internal credit policies of MDV and suggested changes that should be adopted to minimize the incidence of NPLs.
Undertook revisions to the debt settlement proposal for PanGlobal Berhad to resolve a debt overhang of approximately RM850 million.
Successful and timely completion of negotiations with PSCI’s creditor banks for the full and final settlement of its RM595 million debt which prevented PSCI from delisting and liquidation.
Achieved record turnaround time for approval by Regulators of the Regularisation Plan and Scheme.
Dr Zaha Rina has vast experience across various industries such as real estate, financial services and oil and gas with multiple institutions, including Bursa Malaysia. She has completed various listing and establishment of exchanges and M&A transactions. Currently, she holds directorships in multiple listed and private companies including the Chairman of Manulife Group and Mizuho Bank (M) Bhd. As a director of several Malaysian corporations, she has been a regular guest speaker at international conferences. Her key strengths include leadership, the ability to evaluate business strategies, effective management of stakeholders, a strong network of corporate leaders, the ability to develop constructive relationships with management.
Notable engagements
Dato’ Derrick Fernandez is a highly respected industry figure and qualified chartered accountant, with over 30 years’ experience that includes top positions in leading regional and global financial institutions. Following a 20-year tenure which incorporated a variety of senior roles at Standard Chartered Bank, he went on to become part of the pioneering team that established Pengurusan Danaharta Nasional Berhad, eventually taking the role of Senior General Manager of Danaharta Managers Sdn Bhd. Dato’ Derrick’s extensive experience led to him being selected as a member of the Corporate Debt Restructuring Committee (CDRC) at Bank Negara Malaysia. He retired as the Chief Credit Officer of RHB Bank Bhd in March 2004, following the successful introduction and implementation of various key credit initiatives to reform the bank’s credit risk management systems and processes. He has served on the Board of a number of public and private corporations in Malaysia and Singapore, before setting up Sage 3 in 2005.
Notable engagements
Andrew Hoh has accumulated 15 years of experience spanning London and Malaysia, and has been involved in major transactions in the areas of financial restructuring, capital and debt advisory, and transaction modelling.
He has played a vital role in several large-scale and complex debt restructurings, particularly in the oil and gas industry, with an aggregate debt value of over RM15 billion. Apart from debt restructuring, Andrew is highly proficient in business and transaction modelling. He constructs robust models which are readily accepted by various stakeholders, including clients, counter parties, financiers, and regulators.
Andrew is a graduate of the London School of Economics and Political Science and holds a chartered accountant certified by the ICAEW.
Notable engagements
With more than 25 years of experience in financial and business advisory, coupled with his role as a former partner at PricewaterhouseCoopers (PwC), Datuk Anwar Yahya has successfully managed projects spanning a wide variety of sectors in real estate, electricity, water, telco, financial services, transport, healthcare, and consumer & industrial products. Key areas of work done include restructuring, valuations, financial feasibilities, and privatisation advisory. Prior to joining PwC, he qualified at Touche Ross & Co (now known as Deloitte & Touche), worked as Finance Manager at Lembaga Kemajuan Kelantan Selatan (KESEDAR) and CEO of Permodalan Kelantan Berhad. He holds a Bachelor of Science (Honours) degree in Economics and Accountancy from the University of Hull, United Kingdom, and is a Fellow of the Institute of Chartered Accountants in England & Wales (ICAEW).
Notable engagements
Davin has over twenty years of experience in Corporate Finance Advisory and has overseen numerous substantial corporate transactions, including debt restructuring financing and mergers and acquisitions. He began his career at Aseambankers Malaysia Berhad (now Maybank Investment Bank) gaining insight and practical experience on the Malaysian Capital Market. This included successfully navigating one of the country’s first Selective Capital Repayment (SCR) and numerous merger and acquisition transactions. With Sage 3, Davin has successfully implemented the corporate restructurings, fund-raising exercises, and private equity transactions ensuring positive results for Sage 3’s clients.
Notable engagements
Philip has extensive investment banking experience over 15 years across multi-industries such as real estate, FMCG, financial institutions and manufacturing with leading global investment banks. Many of the equity fund raising (IPOs, secondary raisings) and M&A transactions he led were cross border and complex in nature from a regulatory and cultural perspective. In Jakarta from 2013-2017, he was engaged by a leading Indonesian conglomerate with a strong focus on real estate. Philip served in senior management positions as a board member of their IDX listed real estate and hospitality companies, advising on strategy, corporate finance, M&A, finance & accounting.
At Sage 3, Philip has overseen debt restructuring for financially distressed companies, managed M&A and fund-raising transactions to completion and reorganised the real estate division of a major state corporation.
Philip is a qualified chartered accountant from the Institute of Chartered Accountants in England & Wales.
Notable engagements
Ravindran served as a Director of PricewaterhouseCoopers (PwC) Consultancy and held the position of General Manager of Corporate Services for Pengurusan Danaharta Nasional Bhd before his last posting as the Chief Information Officer of Bursa Malaysia (formerly the Kuala Lumpur Stock Exchange). He possesses a wealth of consulting experience gained from the UK, Asean, and China.
Ravindran is internationally recognized as an expert in banking crisis, including engagements with Danaharta, involvement with National Crisis Institutions during the AFC and GFC, and consulting roles for multilateral agencies such as the World Bank. He is a sought-after speaker at major international events.
In 2023, he is being honoured as a fellow of the University of Swansea. He is a qualified chartered accountant from the Institute of Chartered Accountants in England & Wales and holds a degree in Electrical and Electronic Engineering. He is currently undertaking a doctorate program with HKUST is presently engaged in research in organizational behaviour issues in respect of large complex restructurings.
Notable engagements