Malaysian law firm Mah-Kamariyah & Philip Koh (MKP) has advised Magna Prima on a proposed restructuring to assume control of mixed-use development project 8 Conlay in Kuala Lumpur.
Under the deal, Magna Prima’s wholly-owned subsidiary, Permata Juang has signed a rehabilitation agreement with Damai City, the original developer of 8 Conlay, and Delta 8, a newly designated special purpose vehicle, to take over and complete the development.
The transaction will be funded through the issuance of MYR700 million (USD173 million) in redeemable secured loan securities to settle the assumed liabilities.
The MKP team comprised managing partner Adrian Koh, partner Surialinda Ahmad, senior associate Jack Tan Wai Kit and associates Carine Huang and Woei Yan Ng.
Located between Kuala Lumpur’s city centre and the Golden Triangle, 8 Conlay will feature three towers, including two branded serviced-residence towers and a luxury hotel component.
