Malaysia's Lion Industries sells Antara Steel to Singapore's Esteel
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Update time : 2020-06-12 18:52:38
According to reports, Lion Industries Corp. Bhd and Amsteel Mills Sdn Bhd, owned by Malaysia’s Chinese steel king William Cheng, sold their hot-briquetted iron business and all shareholdings at the Antara steel plant in Labuan for RM 546.56 million to Singapore's Esteel Enterprise Pte Ltd.
Lion Industries stated that the cost of the company’s acquisition of the Antara steel plant in 2002 was RM 138.83 million. The sale would enable the company to realize a surplus of RM 433.16 million. The company announced last year that it intended to enter new markets through the acquisition of flat steel assets. Therefore, the above-mentioned divestiture plan was being able to finance existing businesses, convert them into new investment opportunities and working capital.
