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Nam Cheong subsidiaries' schemes sanctioned by Malaysian court
SHIPBUILDER Nam Cheong on Monday said that the Malaysian Court has sanctioned its two subsidiaries' schemes of arrangements with their creditors, with some modifications.
These two subsidiaries are Nam Cheong Dockyard and Nam Cheong International.
Nam Cheong has on July 12 also filed an application to the Singapore Court seeking confirmation and sanction of the scheme, with modifications, that it has with its creditors, so that it will be legally binding.
This application will be heard on a date to be fixed by the Singapore Court.
Trading in the company's shares has been voluntarily suspended since July 21, 2017.