Mercury Securities
  • Try MST28 trading from Mercury Securities with rates as low as 0.05%.
  • Earn MS Coin when you trade with MST28. Check out MST28.
  • Try MST28 trading from Mercury Securities with rates as low as 0.05%.
  • Get FREE real time quotes on our website & App. Check out MST28.
Open Trading Account
add free Download App
premium Premium Account

Last Price Change Volume
KLSE Market Watch
Open: Day Range: Prev Close:


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

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 ("Disposal")
Reference is made to the Company’s announcements dated 12 October 2021, 28 October 2021, 1 November 2021, 9 November 2021, 7 December 2021, 10 December 2021 and 16 December 2021 (collectively, the “Announcements”), and the Company’s Circular to Shareholders dated 25 November 2021 (“Circular”) in relation to the 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 the Circular.

The Company wishes to announce the following:
(a) the Buyer and the Seller had on 23 December 2021 mutually agreed to the adoption of the Closing Accounts as at Completion Date (“Agreed Date”); and

(b) the final Adjusted Consideration is approximately USD165.33 million (equivalent to approximately RM698.84 million) based on the Closing Accounts as at Completion Date after taking into account the agreed formula set out in Appendix IV of the Circular.

Based on the Closing Accounts as at Completion Date, the final Adjusted Consideration is being settled as follows:
 
 USD’million
 RM’million
Deposit paid by the Buyer on 12 October 2021
 5.00
 21.12
Proforma consideration paid by the Buyer as at Completion Date
 127.96
 540.89
Further consideration payable by the Buyer within 5 Business Days from the Agreed Date 
 3.43
 14.50
 Sub-total 
 136.39
 576.51
Deferred Payment payable by the Buyer in accordance with Appendix IV of the Circular
 28.94
 122.33
 Final Adjusted Consideration
 165.33
 698.84

 

For the purpose of this announcement, an exchange rate of USD1.00: RM4.227 is used based on the exchange rate as at 8 December 2021.

 






Announcement Info

Company Name LION INDUSTRIES CORPORATION BERHAD
Stock Name LIONIND
Date Announced 23 Dec 2021
Category General Announcement for PLC
Reference Number GA1-23122021-00026




Close