The application is intended to facilitate the group’s financial and business affairs, said MM2 Asia on Nov 10. It adds that the board, having received advice, views that a court-supervised reorganisation process is in the “best interests of all stakeholders” as it will “help to preserve the value of the group’s core business and allow management to focus on operational continuity”.
MM2 Asia has requested a voluntary suspension of the trading of its shares “with immediate effect” on Nov 11.
This comes after its Nov 10 announcement, that it has applied for a moratorium under Section 64 of the Insolvency, Restructuring and Dissolution Act 2018.
