Property developer Asian Pac Holdings Bhd was earlier believed to be recovering from its losses of recent years. It returned to the black in the last two quarters and was said to have a promising property project in Kepong, Kuala Lumpur, close to the new Carrefour and Jusco retail outlets.
It was, therefore, a surprise that it announced last Friday a restructuring scheme that includes a capital reduction and an injection of new property assets.
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