PROMET Bhd has signed a memorandum of agreement with businessmen Mahmud bin Ali and Mohd Shafie bin Mahmud to undertake a restructuring exercise involving capital reduction, debt settlement and acquisition of asset to regularise the companys financial position.
In a statement, Promet said Mahmud and Shafie were shareholders of Mersik (M) Sdn Bhd, a construction company that Promet had proposed to buy under the restructuring scheme.
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