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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 Eden Flame 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 Eden Flame Sdn Bhd to Esteel Enterprise Pte Ltd ("Proposed Disposal")
We refer to the Company’s announcements dated 14 January 2022 (“First Announcement”), 24 January 2022 and 30 March 2022 (collectively, the “Announcements”) in relation to the Proposed Disposal. Unless otherwise stated, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the Announcements.

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

(a) the Ministry of International Trade and Industry (“MITI”) had on 26 May 2022 issued its letter amending the equity conditions on Eden Flame manufacturing licence which enable the transfer of the Sale Shares by the Seller (being a local held company) to the Buyer (being a foreign held company), subject to the proceeds from the Proposed Disposal to be utilised to commence the operation of hotrolled coils including a blast furnace;

(b) all conditions precedent in relation to the Proposed Disposal have been satisfied or waived on 27 May 2022 and accordingly, the Proposed Disposal has become unconditional for purposes of Completion; and

(c) the Buyer and the Seller has on 27 May 2022 mutually agreed that the Proposed Disposal shall complete on 27 May 2022 (“Completion Date”). Consequent thereupon, Eden Flame is no longer a subsidiary of the Company with effect from the Completion Date.

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 27 May 2022
Category General Announcement for PLC
Reference Number GA1-27052022-00047




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