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.
