Ann Joo Resources, Southern Steel to form JV in RM1.65b deal

Ann Joo said on Monday the corporate exercise would see it selling its entire stakes in Ann Joo Integrated Steel Sdn Bhd (AJISSB), Ann Joo Steel Bhd (AJSB) and Saga Makmur Industri Sdn Bhd (SMISB) to the JV company for RM907.50mil.

KUALA LUMPUR: Loss-making steel producers Ann Joo Resources and Southern Steel Bhd will set up a joint venture company to focus on their long product steel manufacturing businesses in a RM1.65b deal

Ann Joo said on Monday the corporate exercise would see it selling its entire stakes in Ann Joo Integrated Steel Sdn Bhd, Ann Joo Steel Bhd and Saga Makmur Industri Sdn Bhd to the JV company for RM907.50mil.