William Cheng buys Lion shares

PETALING JAYA: Tan Sri William Cheng has acquired 33.5 million shares in Lion Industries Corp Bhd, representing 4.69% of the total issued and paid-up share capital of the company, from Megasteel Sdn Bhd, a company in which he has a substantial interest.

Lion Industries told Bursa Malaysia yesterday the acquisition was done at an exercise price of RM1.29 per share.

Under the terms of the proposed disposal, Cheng is required to complete the acquisition of 51 million shares, representing 50% of the 102 million shares under the put option, by March 31.

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