Lion Industries, Amsteel Mills sell Antara stake for RM546mil

LICB in a filing with the exchange yesterday said the company and its 99%-owned Amsteel had signed a conditional sale and purchase agreement to dispose of the HBI plant and business in Labuan. The stake comprises 218 million shares and 30 million redeemable preference shares in Antara. (File pic Lion Steel)

KUALA LUMPUR: Lion Industries Corp Bhd (LICB) and Amsteel Mills Sdn Bhd are selling their stake in Antara Steel Mills Sdn Bhd’s hot-briquetted iron (HBI) plant and business in Labuan to Singapore’s Esteel Enterprise Pte Ltd for US$128mil (RM546.56mil).

LICB in a filing with the exchange yesterday said the company and its 99%-owned Amsteel had signed a conditional sale and purchase agreement to dispose of the HBI plant and business in Labuan. The stake comprises 218 million shares and 30 million redeemable preference shares in Antara.