Yongnam Holdings Limited (SG:AXB) has released an update.
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Yongnam Holdings Limited and its subsidiary, Yongnam Engineering & Construction, under judicial management since August 2023, are actively negotiating with key stakeholders and authorities to resolve their financial situation and reduce bank debt. The company’s future direction includes a novation agreement involving Aztec Steel and Penta-Ocean for Contract T232, indicating ongoing efforts to stabilize operations.
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