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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, 30 March 2022 and 27 May 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 Buyer and the Seller had on 13 June 2022 mutually agreed to the adoption of the Closing Accounts as at Completion Date;

(b) the final Adjusted Consideration is approximately RM136.05 million based on the Closing Accounts as at Completion Date after taking into account the agreed formula set out in Section 2.3 of the First Announcement (“Final Adjusted Consideration”); and 

(c) the Buyer had fully paid the Final Adjusted Consideration of approximately RM136.05 million to the Seller. 

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 15 Jun 2022
Category General Announcement for PLC
Reference Number GA1-15062022-00063




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