KUALA LUMPUR: TAEL Partners, a private equity fund, has agreed to a second round of emergency shareholders' injection of RM22mil into WRP Asia Pacific Sdn Bhd.
The lawyers acting on behalf of the current board of directors (BoD) of WRP, Thomas Philip Advocates and Solicitors, said the funds are intended to be channelled to the interim liquidator.
“This is to ensure the welfare of employees and enable WRP to resume full operations without interference or hindrance from the previous management” led by Datuk Lee Son Hong, it said in a statement on Tuesday.
On Jan 2, TAEL Partners injected RM3.25mil to enable the interim liquidator to pay salaries to workers and executives during the temporary suspension of WRP’s business operations.
“The two rounds of funding clearly debunk the inaccurate representation that WRP is in liquidation, as no investor would have injected more funds into a company that is in liquidation, ” it said.
Founder and managing partner of Thomas Philip, Mathew Thomas Philip said, “TAEL Partners is committed in funding a rescue effort of WRP. Nothing says it louder and clearer than the two back-to-back funding that they have committed in an effort to bring the company back to its feet.”
Thomas Philip said there are several key customers that are waiting on orders and that it is the interim liquidator’s responsibility to preserve the assets which includes the business operations of WRP.
“It added that as soon as the interim liquidator is able to fully take charge and ensure that the previous management led by Datuk Lee does not interfere with the interim liquidator, WRP will be on its road to recovery, ” it said.
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