China's Zhiyuan to inject RM1.8bil into Malaysia's ailing Perwaja

A shot in the arm: Zhang (left) exchanging documents with Perwaja director Tan Sri Pheng Yin Huah. With them is Ong (centre). Zhiyuan

KUALA LUMPUR: China’s Tianjin Zhiyuan Investment Group Ltd (Zhiyuan) will inject RM1.8bil into Perwaja Holdings Bhd under a corporate exercise that will see the Chinese firm emerging as a major shareholder of the ailing steel maker.

The entry of Zhiyuan, which is a diversified group involved in chemicals, minerals construction materials and logistics, among others, forms the core of the regularisation and revitalisation scheme for Perwaja.