PETALING JAYA: Steel pipe maker Hiap Teck Venture Bhd
has proposed to dispose of a 20% stake in Eastern Steel Sdn Bhd (ESSB) to Shanxi Jialong Industry Co Ltd for RM139.3mil to find a new strategic partner that can help turn ESSB around.
In a filing with Bursa Malaysia, Hiap Teck said the disposal would also help kickstart ESSB’s operations, which is principally involved in manufacturing, selling and dealing in a range of steel products using a blast furnace plant.
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