LIONIND

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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 plant and business in Labuan by disposing of the entire 100% equity interest in Antara Steel Mills Sdn Bhd to Esteel Enterprise Pte Ltd ("Esteel" or "Buyer") for the Adjusted Consideration as defined in the announcement dated 23 November 2020

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 plant and business in Labuan by disposing of the entire 100% equity interest in Antara Steel Mills Sdn Bhd to Esteel Enterprise Pte Ltd ("Esteel" or "Buyer") for the Adjusted Consideration as defined in the announcement dated 23 November 2020

We refer to the Company’s announcements dated 9 June 2020, 24 July 2020, 24 August 2020, 17 September 2020, 28 September 2020, 16 October 2020, 30 October 2020, 13 November 2020 and 23 November 2020 (collectively, the “Announcements”) in relation to the Proposed Disposal. 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 Buyer had on 17 December 2020 confirmed that the contents of the Disclosure Letter dated 3 December 2020 provided by the Seller disclosing information constituting exceptions to certain warranties, being a condition precedent, was acceptable to the Buyer and as such, this condition precedent has been satisfied accordingly. 

 

The Company will make announcement for the balance outstanding conditions precedent for the Proposed Disposal upon fulfilment.

 






Announcement Info

Company Name LION INDUSTRIES CORPORATION BERHAD
Stock Name LIONIND
Date Announced 17 Dec 2020
Category General Announcement for PLC
Reference Number GA1-17122020-00066