KUALA LUMPUR: AmBank Group has granted financing facilities to Worldwide Stainless Sdn Bhd, an affiliate of Yankong Group, for the acquisition of Bahru Stainless Sdn Bhd from Spain’s Acerinox S.A, for RM1.06bil.
In a statement, the bank said the acquisition was completed in November 2024, with AmBank financing 80% of the deal between Worldwide Stainless Sdn Bhd and Acerinox, S.A.
AmBank managing director of business banking, Christopher Yap, said the move was a bold step forward that would benefit the Malaysian economy and the nation's stainless steel industry.
“The stainless steel industry in Malaysia is poised for growth, and with Bahru Stainless’ expertise combined with our financial support, we are ready to capture new opportunities in local and global markets.
“Through this we hope to support local industries, foster job creation, and economic growth in Malaysia, positioning ourselves to make a significant impact in the Malaysian marketplace,” he said in a statement.
Meanwhile, Yangkong and Worldwide Stainless chief executive officer Danny Tan Wei Beoh said the signing marked a significant milestone for Worldwide Stainless with the successful acquisition of Bahru Stainless Sdn Bhd, the only stainless-steel mill in Malaysia, from Acerinox S.A. for a purchase consideration of US$95mil.
“AmBank’s confidence in our vision and capabilities was demonstrated through their pivotal role in financing 80% of the deal.
“The faith they have placed in us reflects not only our company’s standing within the stainless-steel industry but also the enduring trust we have built together over the years.”
