Sunimax Development ordered to sell all properties under RM69.56m settlement for Supermax co-founders
Sunimax Development Sdn Bhd must sell all its properties via a court-recorded tender to repay RM69.56 million to Supermax Corp co-founders Datuk Cheryl Tan Bee Geok and Datuk Seri Thai Kim Sim. The Shah Alam High Court consent order, recorded on Nov 10, requires a valuation within 30 days and a tend
PETALING JAYA (Nov 10): Sunimax Development Sdn Bhd has been ordered by the Shah Alam High Court to sell all its properties through a tender exercise under a court-recorded settlement that provides for the repayment of RM69.56 million to Supermax Corp Bhd co-founders Datuk Cheryl Tan Bee Geok and Datuk Seri Thai Kim Sim, also known as Stanley Thai. The disposals resolve a winding-up petition filed by Tan against the investment vehicle, with proceeds to cover sale expenses, specified debts and subsequent distributions, The Edge Malaysia reported.
Shah Alam High Court judge Wan Fadhilah Nor Wan Idris recorded the consent order on Tuesday (Nov 10). Sunimax must appoint either Knight Frank Malaysia or Jones Lang Wootton within 30 days to value its properties before conducting a tender exercise to sell the assets at the highest available value, according to the report. The report did not identify the properties, their locations or estimated values, or specify a deadline for completing the disposals.
Under the reported payment sequence, disposal proceeds will first cover incidental sale costs and expenses, including professional fees, taxes and property advances. The next priority is repayment of RM37.03 million owed to Tan and RM32.54 million to Thai, based on Sunimax’s audited accounts as at Dec 31, 2025. Any surplus will then be applied towards debts to other creditors, including RM1.46 million owed to Supermax Realty Sdn Bhd and RM8.77 million to Supermax Holdings Sdn Bhd. The four specified debts total approximately RM79.79 million, excluding disposal expenses and any other creditor claims. A further RM300,000 is to be divided equally between Tan and Thai, with any final balance distributed to Sunimax’s contributories according to their shareholdings, the report said.
The settlement follows an Oct 27 Court of Appeal decision upholding the rejection of Thai’s application to intervene in the winding-up proceedings. The appellate court held that Sunimax’s assets belonged to the company, rather than its shareholders or ultimate individual investors. Thai’s indirect interest through Supermax Property Management Sdn Bhd did not give him standing to intervene personally, The Edge Malaysia previously reported. Sunimax was established as a vehicle to hold assets accumulated by Tan and Thai on a 50:50 basis, according to that report. Its direct shareholders were Supermax Property Management, with 700,000 shares, and SenZen Mastery Sdn Bhd, with 300,000 shares.
In earlier submissions, Tan’s lawyers said Sunimax relied on Supermax Property Management for financial backing, with funds used for investments including land acquisitions. Tan had sought Sunimax’s winding-up over a RM37.03 million debt she claimed was owed to her as a director and was repayable on demand. Thai sought to intervene, arguing that the proceedings could affect assets he contended formed part of the couple’s matrimonial estate. The appellate court held that matrimonial asset division remained a matter for the Family Court, separate from the winding-up proceedings. The couple’s divorce proceedings remain pending in the Family Court, according to Tuesday’s report.
