Struggling MMM lays off employees.
Staff of Malaysian Merchant Marine have accepted the company"s voluntary separation scheme.
In a statement filed with Bursa Malaysia, the company said all employees had been ?retrenched.? The number of staff affected could not be immediately discerned.
The company announced plans to downsize its operations in order to contain operating and administrative costs following a failed deal to acquire a 19,980 dwt double-hulled chemical tanker priced at $38m from Singapore"s Uniships.
The Malaysian company lost RM6.7m ($2m) in lost deposits as a result of the breakdown in negotiations. In the 19-month period between September 2007 and March 31, 2009, the company made just RM153,000 on revenues of RM120.2m.