No lay-offs after Malaysia Hengyuan buys 51% of Shell Refining
KUALA LUMPUR: Shell Refining Company (Federation of Malaya) Bhd had on Thursday assured its employees there would not be any lay-offs after Malaysia Hengyuan International Ltd (MHIL) buys 51% of the company.
Chairman Datuk Iain Lo said MHIL, a unit of Chinas petrochemical company, made a commitment to retain the terms of employment the same for the next 24 months.
"Nobody needs to worry about losing their jobs or erosion in employment benefits," he told a press conference here.
Shell Overseas Holdings Ltd is selling the stake in the Port Dickson refinery for US$66.3mil (RM27.6mil).
The sale, expected to be completed before September, will trigger a mandatory general offer by MHIL for the remaining shares in SRC.- Bernama
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