PETALING JAYA: Lion Industries Corp Bhd
(LICB) has proposed to sell its entire 100% stake in Antara Steel Mills Sdn Bhd to Singapore-based Esteel Enterprise Pte Ltd for US$122mil (RM510mil).
The proceeds of the stake sale of Antara, which is held through its 99%-owned subsidiary Amsteel Mills Sdn Bhd (AMSB), will go towards a proposed expansion into the flat steel business.
LICB is selling the hot-briquetted iron plant which is currently being operated by Antara in Labuan at a price-to-book value of 4.81 times and a price to earnings ratio of approximately 9.03 times, it said in a statement.
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