Malaysian Metals Group Sells $ 26 Million Non-Core Asset To Expand Its Participation In Steel Business /
January 8, Kuala Lumpur. Malaysian steel company Lion Industries wants to sell 50 percent of its non-core asset Angkasa Amsteel Pte Ltd to South Korean steel giant Daehan Steel Co Ltd. The aim of the group is to expand the production of sheet steel. The deal, after approval by the company's shareholders, should be completed by the first quarter of this year. Its cost, according to experts, will be more than $ 26 million.
The company is gradually getting rid of the trade in construction fittings as a non-core activity. Its representatives said that the transaction should not lead to any financial changes: neither profit nor loss.
The group first announced its plans to expand its sheet steel production in July 2018. Her intentions are accompanied by the increasing value of the company's shares. Lion Industries' profits rose 6.7 percent last year.
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