KUCHING: YKGI Holdings Bhd is to settle outstanding debt of US$8mil (RM32.74mil) due to its major shareholder Marubeni-Itochu Steel Inc (MISI) by April 2020.
MISI, which has a 26.6% stake in YKGI, is equally owned by Japan’s Marubeni Corp and Itochu Corp, both are listed on the Tokyo Stock Exchange.
MISI was previously a long-time technical adviser and raw material supplier to YKGI, a flat steel product maker before it sold its loss-making coated coil business and assets in Selangor to NS BlueScope (Malaysia) Sdn Bhd for RM125mil cash last year.
...