KUALA LUMPUR: Hiap Teck Venture Bhd
(HTVB) has agreed to subscribe for 54.6 million new shares worth RM53.24mil in 27.3%-owned joint venture Eastern Steel Sdn Bhd (ESSB) which is seeking to raise RM195mil via a proposed rights issue.
HTVB said it signed a share subscription agreement with ESSB as well as the other shareholders of the Terengganu-based ESSB, namely, Shanxi Jianlong Industry Company Ltd (68.8% stake) and Chinaco Investment Pte Ltd (3.9%) and Shanxi Jianlong’s sister company Jianlong Holdings Sdn Bhd.
