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A regional distributor of IT related devices

ABOUT THE CLIENT

Project Galaxy is a regional distributor of IT related devices and is a strategic business partner to MNCs such as Western Digital, Samsung and Ubiquiti. The client possesses an unparalleled geographical network within the Asia Pacific region, clocking an annual revenue of over USD 150m.

CHALLENGE

The onset of the pandemic brought on sudden liquidity crunch as its business demand picked up that resulted in higher need for purchase payments but collections slowed. However, incumbent banks were not able to provide immediate working capital upsize given (i) lengthier bank credit processing lead time  and (ii) complications in its ownership structure which needed time to address.

ACTION & SOLUTION

Client first engaged CCRManager as an advisor to review its funding structure contributed by expected changes in its ownership structure and growth vision. However, in the early days of engagement, CCRManager noted the urgency of a working capital requirement.

CCRManager reviewed its financials including debtors' book and identified that an opportunity to monetise its receivables as a source of liquidity.  Given the timing and operational access considerations, CCRManager activated its network of non-bank financial institutions. Client was able to draw on the funding is < 3 weeks at an attractive rate.

CCRManager is now in Phase 2 of its engagement -  advising the customer on its funding strategy and in progress of seeking a wholistic solution catering to its regional funding needs.

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