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.
