PETALING JAYA: Southern Steel Bhd
(SSB) is disposing of a 55% stake (representing 12.88 million shares) in wholly-owned subsidiary Southern Steel Mesh Sdn Bhd (SSM) to Singapore-listed BRC Asia Ltd for RM61.05mil.
In a filing with Bursa Malaysia, the steel products manufacturer said the proposed disposal outlines a strategic arrangement in which BRC, an established steel reinforcement fabricator and solutions provider in Asia, will have a controlling stake in SSM.
“With BRC assuming a controlling stake in SSM, BRC will take the lead in shaping SSM’s strategic direction and overseeing its daily operations.
“Leveraging BRC’s industry expertise, this partnership is expected to drive SSM’s business expansion and operational efficiencies.”
SSM is principally involved in manufacturing, sale and marketing of steel wire mesh, concrete wires, cut and bend bars and other related products.
Meanwhile, BRC and its subsidiaries are principally involved in prefabrication of steel reinforcement for use in concrete, trading of steel reinforcing bars and manufacturing and sale of wire mesh fences.
