KUALA LUMPUR: Lion Forest Industries Bhd said it has obtained approval from the International Trade and Industry Ministry (MITI) to dispose of its 97.78% stake in Sabah Forest Industries Sdn Bhd (SFI) to JP Morgan Special Situations Asia Corp and Ballarpur Industries Ltd for US$261mil.
In a filing to the stock exchange, the company said the approval was conditional upon SFI fulfilling the equity requirements pertaining to bumiputra ownership as well as written approval from MITI prior to any sale of the shares. – AFX-Asia