Astaka Holdings

[weijian]

Astaka has a really nice (almost fully glassed) apartment building that should also be the tallest along the JB straits. In fact, if one is driving towards the Immigration checkpoint on the BKE, they will be able to see this "iconic" condominium already about 5mins to the checkpoint. This letter of demands have been coming in since 1 year ago and it is only just recent that the BOD has been notified. What more, the sum owed to the main contractor that is presented on the books is 3x less than what the creditor is demanding!

The Malaysian property market is known to be soft since 2013. It is probably not going to get any better. SGX has a few more such of these small scale Msian developers listed here. Sometimes, it's intriguing to ponder why these guys ain't listing back in Msia instead? 

(I) RECEIPT OF LETTERS OF DEMAND; (II) PRIOR YEAR ADJUSTMENT ARISING FROM LATE INTEREST PAYMENT; AND (III) INDEPENDENT REVIEW BY ERNST & YOUNG ADVISORY PTE LTD

https://links.sgx.com/FileOpen/2019.09.0...eID=577486

[pencilin]

Sometimes, it's intriguing to ponder why these guys ain't listing back in Msia instead? [url=https://links.sgx.com/FileOpen/2019.09.05%20Astaka-Annc.ashx?App=Announcement&FileID=577486][/url]

IMHO, there are too many high quality property listing in Msia. Setia, Eco, E&O, UEM, Sunway, etc. I don't think Astaka can get attention of investors
And locals know that Astaka is a super High Risk project. 

Astaka is competing head-on with Mega Chinese state-own developers, Country Garden, Greenland and R&F. If these Chinese developers cut price, Astaka will belly up.

[weijian]

Amend and pretend. But now the Gov is in here to help to extend.

RECEIPT OF LETTER OF DEMAND IN RELATION TO THE SETTLEMENT AGREEMENT

Following receipt of the Letter of Demand, the management of APSB will (i) continue to engage CSCE to negotiate a further extension of time and/or a revised Settlement Agreement as APSB’s ability to repay the outstanding sums under the Settlement Agreement has been impeded as a result of the government of Malaysia’s imposition of the Movement Control Order to curb the spread of COVID-19, and the weak property market sentiment in Malaysia, especially the high-end condominium/service apartment sector; and (ii) verify the payments due to CSCE as set out in the Letter of Demand.

In the meantime, the Company notes that:
(a) the government of Malaysia has since announced numerous initiatives to ease corporate burdens during the Movement Control Order. The initiatives include: 3
(i) increasing the threshold of the indebtedness under Section 466(1)(a) of the Companies Act 2016 of Malaysia (the “Companies Act 2016”); and

(ii) exempting all companies from the application of Section 466(1)(a) of the Companies Act 2016 which provides that a company that fails to respond to a statutory demand for debt owed in a sum exceeding the prescribed amount by the Minister within twenty
(21) days shall be deemed "unable to pay its debts" and will be susceptible to windingup proceedings;

https://links.sgx.com/FileOpen/2020.0702...eID=622418