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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS LION INDUSTRIES CORPORATION BERHAD ("LICB" OR "COMPANY") PROPOSED EXPANSION INTO THE FLAT STEEL BUSINESS THROUGH THE PROPOSED ACQUISITIONS OF FLAT STEEL ASSETS FOR THE PRODUCTION OF HOT ROLLED COILS AND COLD ROLLED COILS ("PROPOSED EXPANSION INTO FLAT STEEL BUSINESS")

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 EXPANSION INTO THE FLAT STEEL BUSINESS THROUGH THE PROPOSED ACQUISITIONS OF FLAT STEEL ASSETS FOR THE PRODUCTION OF HOT ROLLED COILS AND COLD ROLLED COILS ("PROPOSED EXPANSION INTO FLAT STEEL BUSINESS")

We refer to the announcements dated 3 July 2018, 30 August 2018, 13 September 2018, 20 September 2018, 1 November 2018, 12 March 2019, 11 June 2019, 11 July 2019, 9 August 2019, 10 September 2019, 20 November 2019, 29 November 2019, 12 December 2019, 27 July 2020, 30 July 2020 and 3 August 2020 in relation to the Proposed Expansion into Flat Steel Business (collectively, “Announcements”) and the Company’s Circular to Shareholders dated 5 November 2019 (“Circular”) in relation to the Proposed Expansion into Flat Steel Business. Unless otherwise stated, abbreviations and definitions used throughout this announcement shall have the same meaning as those previously defined in the Announcements and the Circular.

 

The Company wishes to announce the following as informed by Megasteel vide its letter dated 24 December 2021:

 

(a) the Proposed Acquisition of Unencumbered Assets had been completed on 24 December 2021, being the Settlement Date (Unsecured Scheme) pursuant to the SPA II, and the legal ownership of the Unencumbered Assets had been transferred to Gelora Berkat; and

 

(b) Megasteel has released the Purchase Consideration for Unencumbered Assets of approximately RM21.59 million together with the Land E Easement Consideration of RM550,000 to settle the Megasteel Unsecured Creditors and the holder(s) of the MS Promissory Note on pari passu basis as full and final settlement of the Unsecured Debt.

 

This announcement is dated 24 December 2021.






Announcement Info

Company Name LION INDUSTRIES CORPORATION BERHAD
Stock Name LIONIND
Date Announced 24 Dec 2021
Category General Announcement for PLC
Reference Number GA1-24122021-00013




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