China firm to ink rescue deal with Perwaja today

Major shareholder: Abu Sahid will help increase market confidence in the corporate deal of Perwaja, says an observer.

PETALING JAYA: A steel company from China is taking another step closer to being a white knight for beleaguered Perwaja Holdings Bhd.

Perwaja, which is a Practice Note 17-classified company due to its financial shortcomings, and China’s Tianjin Zhiyuan Investment Group Co Ltd will sign a conditional master framework agreement today to “revive and transform” the Kemaman plant.