Corporate Debt Restructuring | Our Services

Dato’ Dr Zaha Rina Zahari

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

Eon Bank acquisition by Hong Leong Bank
Restructure operations of RHB Securities Bhd in KL and Melaka
Restructuring of KLCI futures contract
Demutualisation of KLSE to form Bursa Malaysia and listing of Bursa Malaysia
Successful merger of COMMEX (Commodities Exchange of Malaysia), and Kuala Lumpur Options and Financial Futures Exchange (KLOFFE) to form Malaysian Derivative Exchange (MDEX)
IPOs for AirAsia and Top Glove
Establishment of the Bahrain Financial Exchange (BFX) – Financial Technologies Middle East
Launch of RHB – Dow Jones Islamic Index
Implementation of a new Trading platform for Bursa Malaysia
Launch of new contracts MGS (Malaysian Government Securities) futures contract

Dato’ Derrick Fernandez

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

Specialized aspects of the capital markets such as sourcing for strategic investors, formulating appropriate debt/equity structures for companies, evaluating finance or equity options and which to pursue in priority.
Specialist assistance to Financial Institutions for recovery of their Non-Performing Loans and, where relevant, provide guidance and training on credit appraisal and evaluation.
Direct responsibility for restructuring / resolving CDRC’s portfolio of RM28.7 billion within 12 months in CDRC as a Senior General Manager.
Responsibility for RM17 billion delinquent accounts including overseas exposures in Singapore, Thailand and Brunei. Managed the restructure and recovery of the entire portfolio with a dedicated team of 50 in Danaharta.

Andrew Hoh

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

Project Sinar – debtor’s advisor for RM12 billion of debt borrowed by a global integrated oil and gas service provider which delivers solutions and expertise in over 20 countries.
Project Nexus – advised on a RM1.1 billion debt restructuring for Malaysia’s largest shipbuilder of Offshore Support Vessels complemented by vessel chartering services.
DSG Projects Malaysia Sdn Bhd – advised on the successful Judicial management application under S.403 of the Companies Act 2016 by DSGPM Sdn Bhd.
Icon Offshore Berhad – advised on a RM650 mil debt restructuring Icon Offshore, a reputable Offshore Support Vessel owner.
Project House – advised on a £2.1bn debt restructuring for a British healthcare company which runs 59 hospitals and clinics throughout the UK.
Project Piano – advised a senior lender on the restructuring of the UK’s largest pub chain with total syndicated debt of £2.2bn.
Project Girder – advised on the implementation of a comprehensive short-term cash flow forecasting tool for an independent service provider operating in the steel industry, with a presence in 45 countries around the world.
Project Dunedin – advised on the £100m private placement issued by a Scottish university, and £200m debt raise with the EIB.

Datuk Mohd Anwar Yahya

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

Project Director for the feasibility of Malaysia joining the Trans-Pacific Partnership Agreement (TPPA). He was appointed by the Government of Malaysia to study the cost-benefit and terms of Malaysia joining the TPPA.
Project Director for setting up Research Management Agency for Malaysia, which would oversee and fund R&D projects for public institutions in Malaysia, including industrial parks.
Corporatisation/Privatisation work on electricity, water, and sewerage businesses for the Government of Malaysia.
Consultant to the Government of Malaysia on the effectiveness of privatisation programmes and industrial coordination policies.
Delivered a strategic advisory piece of work for a Government Linked Company (“GLC”). Work was to provide strategy and financial advisory services to the GLC for the formulation of its group strategic blueprint. Objective was to streamline its businesses and restructure its capital base for future growth.
Detailed feasibility study and strategic business planning for a Middle-Eastern financial institution in relation to establishing a major Shari’ah-compliant investment bank in South-East Asia, involving industry research, strategic planning, regulatory advice and financial modelling.

Philip Lau

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

Debt restructuring of Perdana Petroleum
Debt reorganisation of Dayang Enterprise Holdings
Sale of drilling business for Perisai Petroleum Teknologi
Acquisition of the palm oil plantations from PTT Thailand for PT Pasifik Agro Sentosa
Acquisition of CMAA, an ethanol and sugar producer in Brazil for the Salim Group, Indonesia
Merger between DBS Land and Pidemco to form CapitaLand

Davin Fernandez

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

Successfully achieved agreement with Creditors of Daya Materials Berhad (now known as Propel Global Berhad) as part of their Proposed Regularisation Plan
Successful implementation of the RM4 billion corporate restructuring of Megasteel Sdn Bhd
RM2 billion restructuring of Sutera Harbour
Valuation and sale of a 30% stake in Brickfields Asia College to an investment fund
RM1 billion restructuring of PanGlobal Berhad
Successful procurement of financing for Utusan Melayu’s new corporate headquarters.
Creation of Permodalan Nasional Bhd (PNB) Structured Investment Fund (SIF) worth RM3 billion
Acquisition of Malakoff (RM9.3 billion) and Johor Port (RM426 million) for the MMC Group
Acquisition of stakes in Bank Muamalat (RM1.01 billion) and EON (RM1.3 billion) for DRB-HICOM

Ravindran Navaratnam

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

Sage 3 – Restructuring of Sapura, Megasteel and Sutera Harbour, infrastructure financing of major highways, sale of drilling business of Perisai Petroleum Teknologi, and BAC’s divestment
Bursa Malaysia – Transforming the exchange by technology strategy and refresh, and business process transformation to enable the IPO
PwC Consulting – Assisted with establishment of China Cinda Asset Management Co, Ltd (CINDA), reorganization of Maybank Group, and restructuring of Lembaga Tabung Haji and developed NEAC (National Economic Action Council) strategy to increase foreign exchange from Malaysia’s education sector
Touche & Ross UK (Now known as Deloitte & Touche UK) – First exposure to bank failure in liquidating BCCI in 1991

Propel Global Berhad (formerly Daya Materials Berhad)

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 Letter

Brickfields Asia

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.

Icon Offshore

Successfully 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 Letter

Tommy & Thomas

Acted as expert witness in relation to Business Valuation and Accounting. Our clients succeeded in their claim against the parties identified.

Dayang

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.

Nam Cheong

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.

PSC Industries

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.

PanGlobal

Undertook revisions to the debt settlement proposal for PanGlobal Berhad to resolve a debt overhang of approximately RM850 million.

Malaysia Debt Ventures

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.

Megasteel

Our primary objective was to restructure Megasteel’s RM4 billion indebtedness with various parties including Creditors and Financial Institutions.

Reference Letter