TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS LION INDUSTRIES CORPORATION BERHAD ("LICB" OR THE "COMPANY") Proposed disposal by Amsteel Mills Sdn Bhd, a 99% owned subsidiary of the Company, of the hot-briquetted iron ("HBI") plant and business in Labuan by disposing of the entire 100% equity interest in Antara Steel Mills Sdn Bhd ("Antara") for a cash consideration of USD128.00 million (equivalent to RM546.56 million)
| LION INDUSTRIES CORPORATION BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description | LION INDUSTRIES CORPORATION BERHAD ("LICB" OR THE "COMPANY")
Proposed disposal by Amsteel Mills Sdn Bhd, a 99% owned subsidiary of the Company, of the hot-briquetted iron ("HBI") plant and business in Labuan by disposing of the entire 100% equity interest in Antara Steel Mills Sdn Bhd ("Antara") for a cash consideration of USD128.00 million (equivalent to RM546.56 million) |
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The Board of Directors of LICB wishes to announce that LICB and Amsteel Mills Sdn Bhd ("AMSB" or “Seller”), a 99% owned subsidiary of the Company, had on 9 June 2020 entered into a conditional sale and purchase agreement with Esteel Enterprise Pte Ltd ("Esteel" or “Buyer”) for the proposed disposal by the Seller of its entire holding of (a) 218,010,000 ordinary shares; and (b) 30,000,000 redeemable preference shares in Antara, representing the entire 100% issued share capital of Antara to the Buyer for a cash consideration of USD128.00 million (equivalent to RM546.56 million).
The full text of the announcement is attached herewith. |
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Please refer attachment below.
Announcement Info
| Company Name | LION INDUSTRIES CORPORATION BERHAD |
| Stock Name | LIONIND |
| Date Announced | 09 Jun 2020 |
| Category | General Announcement for PLC |
| Reference Number | GA1-09062020-00085 |