Mainboard-listed Innopac Holdings, one of the companies linked to John Soh Chee Wen, the alleged mastermind behind the penny stock saga, has entered into a non-binding Memorandum of Understanding (MOU) with FEC Cables for the proposed acquisition of the partial or entire share capital of FEC Power Sdn Bhd on June 8.

The consideration for the proposed acquisition, while yet to be determined, will be satisfied through a combination of cash and the issuance of new ordinary shares in Innopac.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook