Malaysians to buy C&Heavy Industries

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Seoul: Distressed South Korean shipbuilder C&Heavy Industries said on Tuesday it had signed a non-binding agreement for its sale to an unidentified Malaysian company. Local banks had ended a creditor-led rehabilitation programme for C&Heavy, a unit of C&Group, after the company failed to find a buyer by mid-March. In a filing to the Korea Exchange, C&Heavy said a possible deal would see the entire company or part of its businesses being sold. It did not name the potential buyer citing confidentiality.  [25/03/09]