The Board of Directors of CSC Steel Holdings Berhad (“CHB” or the “Company”) wishes to announce that Group Steel Corporation (M) Sdn. Bhd. (“GSCM”), a wholly-owned subsidiary of the Company had on 1 December 2020 commenced Member’s Voluntary Winding Up (“MVWU”) pursuant to Section 441 of the Companies Act, 2016.

In connection with the MVWU, Ms. Chong Sing Yee of Tricor Business Services Sdn. Bhd. of Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur have been appointed as the Liquidator of GSCM.

Information on GSCM

GSCM is a private limited company incorporated in Malaysia on 19 December 1994 under the Companies Act, 1965 with current issued share capital of RM1,000,000.00 comprising of 1,000,000 ordinary shares. GSCM is principally engaged in the business of manufacturing, export and import of steel products.

GSCM had ceased its operation in January 2009 and currently is a dormant company. It has no intention to carry on business or operation in the future.

The MVWU of GSCM is part of CHB Group’s continuing rationalization effort to improve efficiency within the CHB Group. In addition, the voluntary winding up will enable the CHB Group to save future costs associated with maintaining the Subsidiary.

The MVWU of GSCM is not expected to have any material impact on the earnings and net assets of the CHB Group for the financial year ending 31 December 2020.

None of the directors or major shareholders of CHB or persons connected with them has any interest, direct or indirect, in the said MVWU.

This announcement is dated 1 December 2020.