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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS LION INDUSTRIES CORPORATION BERHAD ("LICB" OR THE "COMPANY") Proposed disposal by Amsteel Mills Sdn Bhd, a 99% owned subsidiary of the Company, of its entire 100% equity interest in Antara Steel Mills Sdn Bhd to Esteel Enterprise Pte Ltd ("Proposed Disposal")

LION INDUSTRIES CORPORATION BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
LION INDUSTRIES CORPORATION BERHAD ("LICB" OR THE "COMPANY")

Proposed disposal by Amsteel Mills Sdn Bhd, a 99% owned subsidiary of the Company, of its entire 100% equity interest in Antara Steel Mills Sdn Bhd to Esteel Enterprise Pte Ltd ("Proposed Disposal")
Reference is made to the Company’s announcements dated 12 October 2021, 28 October 2021, 1 November 2021, 9 November 2021 and 7 December 2021 (collectively, the “Announcements”), and the Company’s Circular to Shareholders dated 25 November 2021 (“Circular”) in relation to the Proposed Disposal. Unless otherwise stated, abbreviations and defined terms used throughout this announcement shall have the same meanings as those previously defined in the Announcements and Circular.

The Board of Directors of LICB wishes to announce the following:

(a) all conditions precedent in relation to the Proposed Disposal have been met on 10 December 2021 and accordingly, the Proposed Disposal has become unconditional for purposes of completion; and

(b) the Buyer and the Seller had on 10 December 2021 mutually agreed that the Proposed Disposal shall complete on 10 December 2021 (“Completion Date”). Consequent thereupon, Antara is no longer a subsidiary of the Company with effective from 10 December 2021.

In addition to the Deposit of USD5 million (equivalent to approximately RM20.74 million) paid by the Buyer to the Seller in October 2021, the Buyer has as at Completion Date paid to the Seller the proforma consideration of approximately USD127.96 million (equivalent to approximately RM538.71 million based on assumed exchange rate of USD1.00: RM4.21) based on the Proforma Closing Accounts as at 10 December 2021.





Announcement Info

Company Name LION INDUSTRIES CORPORATION BERHAD
Stock Name LIONIND
Date Announced 10 Dec 2021
Category General Announcement for PLC
Reference Number GA1-10122021-00001




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