OMEGA Holdings Bhd has proposed a reverse takeover (RTO) by the Melati group after the Securities Commission had revoked its approval of Omega's previous restructuring scheme.
In the previous scheme, Omega's proposal was an RTO by Energro Bhd, which was to have enabled the restructured Omega group to own Milan Auto Corp, which was said to have held the distribution rights for Alfa Romeo vehicles. (Since then, the Sime Darby group has announced it has been awarded the exclusive franchise rights for Alpha Romeo in Malaysia by Fiat Auto of Italy).
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