HHB Holdings Bhd said the Securities Commission (SC) has rejected its proposed revamp plan involving a capital reduction and a reverse takeover of Magna Segmen Sdn Bhd, an investment-holding company with interests in the power industry.
Magna Segmen’s wholly-owned subsidiaries are independent power producer Sandakan Power Corp Sdn Bhd (SPC) and operations and maintenance service provider SPC Energy Services Sdn Bhd (SPCE).
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