Lion Industries gets higher amount of RM697.74mil from disposal of Antara Steel

Lion Industries gets higher amount of RM697.74mil from disposal of Antara Steel

KUALA LUMPUR: Lion Industries Corporation Bhd (LICB) said the "final adjusted consideration” from the disposal of its unit Antara Steel Mills Sdn Bhd had increased by RM26.15 million to RM697.74 million (US$165.63 million).

Total proceeds had increased due to the different exchange rate used and the date adopted for the closing of Antara’s account, it said in a stock exchange filing to Bursa Malaysia today.

LICB said the final adjusted consideration was based on Antara’s closing account as of the completion date on Dec 10, 2021 while the actual exchange rate was based on US$1 for RM4.215 as at April 7, 2021, compared to the assumed rate of RM4.18 previously.

Concurrently, the utilisation of proceeds set for new investments or the existing business is raised to RM431.10 million from RM404.95 million previously.

It said Singapore’s Esteel Enterprise Pte Ltd had fully paid the final adjusted consideration to Amsteel Mills Sdn Bhd, its 99-per cent subsidiary, for the entire stake in Antara. - Bernama

https://www.thestar.com.my/business/business-news/2022/04/08/lion-industries-gets-higher-amount-of-rm69774mil-from-disposal-of-antara-steel