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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS LION INDUSTRIES CORPORATION BERHAD ("LICB" OR "COMPANY") PROPOSED ACQUISITION BY AMSTEEL MILLS SDN BHD ("AMSB" or "Purchaser"), A 99% OWNED SUBSIDIARY OF LICB, OF A DIRECT REDUCED IRON PLANT LOCATED IN BANTING ("DRI Plant") FOR A CASH CONSIDERATION OF USD9 MILLION (EQUIVALENT TO RM38.07 MILLION)

LION INDUSTRIES CORPORATION BERHAD

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


PROPOSED ACQUISITION BY AMSTEEL MILLS SDN BHD ("AMSB" or "Purchaser"), A 99% OWNED SUBSIDIARY OF LICB, OF A DIRECT REDUCED IRON PLANT LOCATED IN BANTING ("DRI Plant") FOR A CASH CONSIDERATION OF USD9 MILLION (EQUIVALENT TO RM38.07 MILLION)
The Board of Directors of LICB wishes to announce that AMSB had on 15 December 2021 entered into a conditional assets sale agreement with Lion DRI Sdn Bhd, a wholly-owned subsidiary of Lion Diversified Holdings Berhad (In Liquidation), the Security Trustee and the Lender (both terms as defined in the announcement) for the proposed acquisition of the DRI Plant for a cash consideration of USD9 million (equivalent to RM38.07 million) on an “as is where is” basis.

The full text of the announcement is attached herewith.



Please refer attachment below.



Announcement Info

Company Name LION INDUSTRIES CORPORATION BERHAD
Stock Name LIONIND
Date Announced 16 Dec 2021
Category General Announcement for PLC
Reference Number GA1-08122021-00076




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