Lion Industries to sell Eden Flame for RM135.88mil

PETALING JAYA: Lion Industries Corp Bhd (LICB) has proposed to dispose of its entire 100% equity stake in Eden Flame Sdn Bhd for RM135.88mil.

In a filing with Bursa Malaysia, LICB said its 99%-owned subsidiary, Amsteel Mills Sdn Bhd (AMSB), had entered into a conditional sale and purchase agreement with Esteel Enterprise Pte Ltd for the proposed disposal of Eden Flame for an adjusted consideration of RM135.88mil based on Eden Flame’s proforma management accounts as at Nov 30, 2021.

Eden Flame owns the long steel plant located in Pasir Gudang, Johor that produces billets that are rolled into steel bars and light sections such as angle bars, flat bars and U-channels. The plant is not in operation as at to-date.

The audited net loss and capital deficiency of Eden Flame for the financial period ended June 30, 2021 were RM36.46mil and RM36.46mil, respectively.

Upon completion of the proposed disposal, the LICB group is expected to realise a gain of approximately RM56.54mil based on the proforma management accounts as at Nov 30, 2021.

LICB said the proposed disposal would enable the group to unlock the value of Eden Flame and realise a gain of RM56.54mil that will enhance its financial position.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Lion Industries Corp ,


Next In Business News

Carlsberg appoints Chor Chee Heung as chairman
Malakoff 1Q net profit dips 15.8% to RM50.9mil
Carlsberg 1Q net profit surges 38% to RM91.6mil
Ringgit ends easier versus US dollar
Sime Darby Property posts RM51.84mil in 1Q
Vietnam EV maker VinFast to shift HQ to Singapore ahead of first exports
Indonesia govt likely to sell bonds to at end of Q2
KLK 2Q net profit rises 11% to RM546mil, declares 20 sen dividend
UK retailers report average sales in May, gloomy outlook
UMW 1Q net profit jumps to RM101.21mil

Others Also Read