LIONIND

0.295

+0.005 (+1.7%)

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 ("AMSB" or "Seller"), 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") to Esteel Enterprise Pte Ltd ("Esteel" or "Buyer") 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 ("AMSB" or "Seller"), 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") to Esteel Enterprise Pte Ltd ("Esteel" or "Buyer") for a cash consideration of USD128.00 million (equivalent to RM546.56 million)

We refer to the Company’s announcements dated 9 June 2020, 24 July 2020, 24 August 2020, 17 September 2020, 28 September 2020 and 16 October 2020 respectively in relation to the Proposed Disposal (collectively, the “Announcements”). Unless otherwise stated, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the Announcements.

 

The Board of Directors of LICB wishes to announce that the Parties had on 30 October 2020 entered into a 5th supplemental letter agreement with Esteel for the following (“Amendments”):

 

(i) to further extend the execution of the supplemental agreement to the Agreement and/or amended and restated sale and purchase agreement to 13 November 2020, to allow more time for the Parties to finalise and execute the supplemental agreement to the Agreement and/or amended and restated sale and purchase agreement; and

 

(ii) to vary and amend the Long Stop Date as set out in the Company’s announcement dated 9 June 2020, to 31 December 2020.

 

Save as disclosed in the Announcements, the Amendments is not expected to have a material impact on the earnings and EPS of the LICB Group for the financial year ending 30 June 2021 and the net assets and gearing of the LICB Group based on the audited consolidated statement of financial position of LICB as at 30 June 2020.

 

Save for the Amendments, all the remaining terms and conditions of the Agreement as revised by the Supplemental Letter Agreement dated 24 July 2020, 24 August 2020, 25 September 2020 and 15 October 2020 respectively entered between LICB, AMSB and Esteel shall continue to remain in full force and effect.

 

 






Announcement Info

Company Name LION INDUSTRIES CORPORATION BERHAD
Stock Name LIONIND
Date Announced 30 Oct 2020
Category General Announcement for PLC
Reference Number GA1-30102020-00085