YKGI to settle outstanding debt to MISI by April

TheStar Mon, Feb 10, 2020 09:00am - 4 years View Original


Under a repayment agreement inked on Jan 30,2020, YKGI will repay MISI in four tranches – US$360,000 each by Jan 31, Feb 29 and March 31 as well as US$6.924mil by April 30. YKGI had settled US$2.76mil owing to MISI in the second half of 2019.

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.

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