Hiap Teck subscribes for new shares in Eastern Steel for RM53.24mil

KUALA LUMPUR: Hiap Teck Venture Bhd (HTVB) has agreed to subscribe for 54.6 million new shares worth RM53.24 million in 27.3 per cent-owned joint venture Eastern Steel Sdn Bhd (ESSB) which is seeking to raise RM195 million via a proposed rights issue.

HTVB said it signed a share subscription agreement today with ESSB as well as the other shareholders of the Terengganu-based ESSB -- namely, Shanxi Jianlong Industry Company Ltd (68.8 per cent stake) and Chinaco Investment Pte Ltd (3.9 per cent) -- and Shanxi Jianlong’s sister company Jianlong Holdings Sdn Bhd.