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.
