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Lion Malaysia sells hot briquetted iron plant to Esteel

[vc_row][vc_column][vc_column_text]Lion Malaysia sells hot briquetted iron plant to Esteel

Malaysia’s Lion Industries says it has received payment from Esteel Enterprise and sold its entire 100% equity interest in Antara Steel Mills Sdn Bhd to Esteel.

The buyer fully paid the final adjusted consideration to the seller, in accordance with the agreed formula, of approximately $165.63 million, Kallanish notes. Total proceeds have increased by MYR 26.15m ($6.18m) due to the different exchange rate used and the date adopted for the closing of Antara’s account, Lion Industries says in a bourse filing.

Esteel signed the purchase agreement with Lion Industries’ 99%-owned subsidiary Amsteel Mill. Proceeds from the sale will be used to expand Lion’s flat steel business, invest in new upstream and downstream businesses, such as a new direct reduced iron plant, and other operating expenses.

Antara operates a 900,000 tonnes/year design capacity hot-briquetted iron plant in Labuan, East Malaysia.

In addition, Lion Industries also plans to dispose of its entire 100% shareholding in its long products plant to Esteel (see Kallanish passim). The transacted assets include the plant and machinery, mainly a 100-tonne electric arc furnace, ladle furnace, six-strand continuous casting machine and two rolling mills. Lion reported last month that the final partnership agreement is to be finalised by 30 June.

Esteel is an investment holding company in Singapore and its subsidiaries, BRC Asia and Lee Metal, are involved in the supply and production of prefabricated and construction steel products.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_btn title=”About LMM GROUP” link=”|target:_blank”][vc_column_text css=”.vc_custom_1649296177864{margin-top: 50px !important;}”]friendship Link:

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