Posted on 29 Jul 2022
Lion Industries Corporation Bhd’s unit Amsteel Mills Sdn Bhd (AMSB) entered into a sale and purchase agreement with Yinson Corporation Sdn Bhd for the proposed acquisition of land together with buildings erected thereon worth RM47.13 million.
The property is a leasehold industrial land measuring 3.23 hectares (or 7.98 acres) located in Klang, Selangor together with buildings erected thereon.
In a filing with Bursa Malaysia, Lion Industries said AMSB is currently operating its steel manufacturing business at the property.
“The proposed acquisition will secure the continuity of its ongoing business operations at the property as usual and furthermore, AMSB may also potentially enjoy capital appreciation in the future in view of the property’s location in a prime area in Bukit Raja, Klang,” it said.
Lion Industries is of the opinion that the proposed acquisition is in the best interest of the Lion Industries Corporation Group.
“Barring any unforeseen circumstances and subject to the fulfilment of all the conditions precedent, the proposed acquisition is expected to be completed by the fourth quarter of 2022,” it said.
Source:The Edge
