Yongnam Holdings Limited (SG:AXB) has released an update.
Yongnam Holdings Limited has announced that its wholly-owned subsidiary, Yongnam Engineering & Construction (YNEC), has transferred its obligations for Contract N111 to Aztec Steel Pte. Ltd. through a novation agreement. The agreement stipulates that Aztec Steel will assume all responsibilities and liabilities of the initial sub-contract, including those arising before and after the effective date of March 1, 2024. This will result in YNEC and the main contractor releasing each other from the contract’s obligations.
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