Malaysia’s Lion Industries Corp and its subsidiary Amsteel Mills Sdn Bhd, are selling their entire stake in Antara Steel Mills Sdn Bhd’s hot briquetted iron (HBI) plant and business in Labuan, Malaysia, to Singapore-based Esteel Enterprise Pte Ltd for $128 million, according to a filing by Lion Industries on June 9 at Bursa Malaysia, the Malaysian stock exchange.
Lion Industries plans to use the proceeds for its existing business, new investment opportunities and/or working capital. LICB aims to expand into the flat steel business through the proposed acquisition of flat steel assets.
The transaction process is expected to be completed by October 31, 2020, within the framework of the agreement terms.