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 ("Antara") 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 ("Antara") to Esteel Enterprise Pte Ltd ("Esteel" or "Buyer") for the Adjusted Consideration as defined in the announcement dated 23 November 2020 |
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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, 23 November 2020 and 17 December 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 18 December 2020 confirmed that the Cash-In-Company which the Seller shall procure to be retained in Antara on the Completion Date shall be RM25 million (equivalent to approximately USD6.07 million based on an assumed exchange rate adopted in the announcement on 23 November 2020 of USD1.00:RM4.12). |
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Announcement Info
| Company Name | LION INDUSTRIES CORPORATION BERHAD |
| Stock Name | LIONIND |
| Date Announced | 21 Dec 2020 |
| Category | General Announcement for PLC |
| Reference Number | GA1-21122020-00057 |