MKI Corp was one step closer to survival last night after the stock exchange received details of a rescue bid officials think they can back. Winfoong Investments has submitted further details of the assets it proposes to inject into MKI, the locally-listed firm at the centre of an unprecedented Securities and Futures Commission-sponsored winding-up petition. Some details of the deal were announced last week, but the exchange said it had to have full details before it could approve or block the deal. Last night was the deadline for more information to enable the exchange's listings committee to consider the deal today. The winding-up petition was adjourned in the High Court last Friday until tomorrow after Winfoong came forward with a plan to take over MKI and inject assets. Listings division head Herbert Hui Ho-ming said further details of assets that Winfoong planned to inject had been handed over, and the listings committee would study them today along with 'suitable recommendations from the division'. Before MKI shareholders can be approached to approve the deal the listings committee has to be satisfied that the plan meets local listings requirements, including having a market value of at least $100 million. It is understood that the deal proposed was likely to receive the backing of exchange officials. If the deal is then approved by the committee, the Securities and Futures Commission (SFC) will then ask for a lengthy adjournment of its winding-up petition, but it will not be withdrawn at this stage. MKI's shareholders face a long wait before the fate of their investment is sealed. After exchange approval, Winfoong will carry out due diligence and shareholders from Winfoong, MKI and Hong Fok of Singapore, Winfoong's parent, will be asked to approve the deal at extraordinary general meetings. MKI board adviser Christopher Coulcher said due diligence should take from three to six weeks while completing the deal could take longer. 'The stop date is September 30. I do hope we can complete everything well before then,' he said. Last week, lawyers for the SFC said two other 'serious bidders' existed for MKI. Their proposals will not be looked at unless the Winfoong deal flounders. MKI was the target of a wind-up bid by the SFC last December after the commission used new powers under Section 29 of the SFC Ordinance to investigate company operations. It was originally investigating a string of deals, announced after the appointment of chief executive officer Khalid Hossain, which were not announced through the exchange but which coincided with a massive surge in MKI's shares.