LIONIND

0.790

-0.025 (-3.1%)

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

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, 17 December 2020 and 21 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 Parties had on 18 January 2021 entered into a supplemental letter agreement with Esteel to vary and amend the Long Stop Date to 8 March 2021 in order for the Parties to satisfy the conditions precedent as set out in the A&R SPA (“Variation of Long Stop Date”).

 

Save as disclosed in the Announcements, the Variation of Long Stop Date 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 Variation of Long Stop Date, all the remaining terms and conditions of the A&R SPA 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 18 Jan 2021
Category General Announcement for PLC
Reference Number GA1-15012021-00086