Malaysia’s Lion Industries Corp. has announced that it has completed the sale of its subsidiary Amsteel Mills Sdn Bhd’s entire stake in Malaysia-based Antara Steel Mills Sdn to Singapore-based Esteel Enterprise Pte Ltd.
Lion Industries has received payment of $165.63 million (approximately RM697.74 million) from Esteel, according to a filing by Lion Industries at Bursa Malaysia, the Malaysian stock exchange.
Antara Steel Mills has an annual production capacity of 900,000 mt of hot briquetted iron.
In addition, Lion Industries and Amsteel Mills Sdn Bhd have also entered into a conditional sale and purchase agreement with Esteel Enterprise Pte Ltd for the sale of Amsteel’s entire stake in Eden Flame Sdn Bhd, as SteelOrbis previously reported.