Nam Cheong's scheme of arrangement sanctioned

SHIPBUILDER Nam Cheong said on Friday that Singapore's High Court has sanctioned the scheme of arrangement between it and its creditors, with amendments, after the hearing of its application on Aug 3.

Nam Cheong will proceed to lodge a copy of the court order with the Registrar of Companies. With the sanctioning of the scheme, and upon lodgement of the order of court, the remaining condition for the scheme to be effective is the approval of Nam Cheong's shareholders at a special general meeting to be held on Aug 20.

Trading in the company's shares has been voluntarily suspended since July 21, 2017.