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Nam Cheong stops debt repayment, pursues restructure

Mimi Sabreena 5:45:00 PM Informasi

KUALA LUMPUR (July 20): Nam Cheong Ltd, a Singapore-listed Malaysian shipping company, announced today that it is temporarily halting repayment on all borrowings while pursuing a debt restructuring plan.

The loss-making group is struggling to bounce back from the subdued market conditions in the oil and gas (O&G) sector in which it operates. It is the latest Singapore listed O&G player after Swiber Holdings Ltd, Ezra Holdings Ltd and Rickmers Maritime Ltd that have been unable to cope with the oil price slump since 2015.

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