PETALING JAYA: Unitrade Industries Bhd
is buying a controlling stake in a Sarawak-based metal waste recycling company for RM42mil.
Via its subsidiary, Intergreen Metals Sdn Bhd, Unitrade entered into a share sale agreement with Hong Ching Chung, an existing shareholder of Kien San Metal Sdn Bhd, to acquire 12.8 million shares in the company. This represents a 51% equity interest in Kien San Metal.
Kien San Metal is principally involved in the metal recycling business, specialising in collecting and processing metal waste to be recycled into input feedstock for steel manufacturers. The company’s operations are supported by eight yards located across Kuching, Sibu, Bintulu, and Miri in Sarawak and Kota Kinabalu in Sabah.
Unitrade said the proposed acquisition builds upon Unitrade’s 51%-stake acquisition of Intergreen Metals back in January 2024, which marked the group’s entry into the metal waste recycling business.
