Pacific Star assigns RSM to liquidate aluminum business

The firm’s GM and executive VP Seet Li Ming Andrew also resigned.

Real estate developer Pacific Star has appointed Chee Yoh Chuang and Lin Yueh Hung of RSM Corporate Advisory as liquidators to discontinue its aluminum businesses Durabeau Industries and LH Aluminium Industries, an announcement revealed.

The announcement came after the firm held an extraordinary general meeting and creditors’ meeting for each firm last 30 May.

On 22 May, the company cited that its aluminum division only brought a “small and insignificant proportion of the overall revenue of the group” and is struggling to achieve profitability. The filing also mentioned that the group will further focus on its property development operations.

Furthermore, Pacific Star also announced that its group general manager and executive VP Seet Li Ming Andrew has stepped down “to pursue other personal interests and career opportunities.”