Malaysian Kinsteel Berhad announced that it has proposed acquisition of 51% equity interest in Perwaja Steel Sdn Bhd comprising 620,252,159 ordinary shares of RM1.00 each in PSSB from Equal Concept Sdn Bhd for a purchase consideration of RM197.6 million to be satisfied in the following manner
- The issuance of 60.0 million new ordinary shares of RM1.00 each in the Company at an issue price of RM1.36 per Company's share
- Cash settlement for the remaining balance of RM116.0 million payable in 67 equal monthly installments of RM1,705,883 each
- One final installment of RM1,705,839, commencing upon the completion of the proposed strategic alliance.