AmBank said it is financing 80% of the deal between Worldwide Stainless Sdn Bhd and Acerinox, S.A.
PETALING JAYA: 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.
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, the only stainless-steel mill in Malaysia, from Acerinox S.A. for US$95mil.
