Malaysian steel maker Lion Industries Corp Bhd’s 99% owned subsidiary Amsteel Mills Sdn Bhd is selling the latter’s 100% stake in Antara Steel Mills Sdn Bhd to Esteel Enterprise Pte Ltd for MYR 663.85 million (USD 158.82 million) under an all-cash deal that will enable Lion Industries to unlock the value of Antara Steel for a disposal gain of around MYR 403.1 million and finance Lion Industries’ planned expansion into the flat steel business.Antara Steel operates a Labuan-based hot briquetted iron plant which produces HBI mainly for the export market. The unaudited net profit and net asset of Antara for the 12-month period ended June 30, 2021 are MYR 56.47 million and MYR 268.79 million respectively.Esteel was incorporated in Singapore on Aug 18, 2017.Esteel and its subsidiaries namely BRC Asia Ltd is involved in prefabricated steel reinforcement steel products for use in concrete, trading of rebars and manufacturing and sale of wire mesh fences. Esteel’s other subsidiary Lee Metal Group Limited is involved in steel merchandising and fabrication of reinforcement steel products for the construction and building industry.
Malaysian steel maker Lion Industries Corp Bhd’s 99% owned subsidiary Amsteel Mills Sdn Bhd is selling the latter’s 100% stake in Antara Steel Mills Sdn Bhd to Esteel Enterprise Pte Ltd for MYR 663.85 million (USD 158.82 million) under an all-cash deal that will enable Lion Industries to unlock the value of Antara Steel for a disposal gain of around MYR 403.1 million and finance Lion Industries’ planned expansion into the flat steel business.Antara Steel operates a Labuan-based hot briquetted iron plant which produces HBI mainly for the export market. The unaudited net profit and net asset of Antara for the 12-month period ended June 30, 2021 are MYR 56.47 million and MYR 268.79 million respectively.Esteel was incorporated in Singapore on Aug 18, 2017.Esteel and its subsidiaries namely BRC Asia Ltd is involved in prefabricated steel reinforcement steel products for use in concrete, trading of rebars and manufacturing and sale of wire mesh fences. Esteel’s other subsidiary Lee Metal Group Limited is involved in steel merchandising and fabrication of reinforcement steel products for the construction and building industry.
