FINANCIALLY-TROUBLED Long Huat Group Bhd has found a white knight that would transform the timber-based company into a manufacturer of laminated foams and mattresses under a comprehensive debt-restructuring programme.
The suspended Practice Note 4/2001 (PN4) company told the KLSE yesterday that it had entered into a memorandum of understanding with Lee Swee Kiat Holdings Sdn Bhd on Monday, under which the latter would act as Long Huat’s white knight.
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