The cash – which will be injected over two tranches – will form part of a restructuring exercise. The bailout, which can take place till Jul 31 2022, is subject to the approval of shareholders and regulators.
Hiap Seng Engineering is set to receive $16 million from an investor group led by integrated logistics solutions provider, Vibrant.
The move follows a non-binding term sheet that was signed by the company’s judicial managers and the investors on Dec 9.
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