Yongnam Holdings Limited (SG:AXB) has released an update.
Yongnam Holdings Limited has announced that its subsidiary, Yongnam Engineering & Construction, has transferred its obligations for temporary steelwork contracts related to Contracts 882 and 883 to Aztec Steel Pte. Ltd. This process, known as novation, effectively replaces Yongnam’s subsidiary as the subcontractor with Aztec Steel, who will assume all responsibilities, including past liabilities, under the original agreements with China State Construction Engineering Corporation Limited.
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