MKI Corp has been saved from liquidation after shareholders supported a takeover proposal from Winfoong Investment.
Furious shareholders in the beleaguered MKI voted yesterday in favour of Winfoong Investment's rescue plan as a last-minute step to prevent MKI from being wound up.
The strife-plagued property and security investment firm would have been liquidated by a court tomorrow if no takeover deal had been struck.
The threat of liquidation followed a petition from the Security and Futures Commission last December.
Minority MKI shareholders were asked to choose between rescue plans offered by two construction firms, Winfoong Investment and China-backed Wing Hing Holdings.
Winfoong's proposal was approved by an overwhelming 96.7 per cent of share interests cast in the vote.