Malaysia-based investment holding Ann Joo Resources Berhad has announced that it has terminated its previous plan to divest its upstream assets to Southern Steel Berhad and will instead sell its entire equity interest in steel producer Ann Joo Steel Berhad to Singapore-headquartered Green Esteel Pte Ltd.
According to Ann Joo, the company has signed a conditional sale and purchase agreement with Green Esteel, following the mutual termination of the earlier agreement signed with Southern Steel on March 27, 2026. Ann Joo said the disposal supports its plan to exit the capital-intensive upstream steel manufacturing business, which includes crude steel, merchant bar and long steel production facilities, and focus on downstream operations.
Under the cash transaction, Green Esteel will acquire 100 percent of Ann Joo Steel Berhad, comprising 612.99 million ordinary shares, together with its wholly-owned subsidiary Ann Joo Integrated Steel Sdn Bhd. The sale excludes certain real estate assets, including three parcels of land in Selama, Perak, and a parcel in Province Wellesley South, Penang, together with all structural buildings erected on them.
Upon completion, Ann Joo Steel Berhad and Ann Joo Integrated Steel will cease to be subsidiaries of Ann Joo and will become wholly-owned units of Green Esteel. Ann Joo said it will have no remaining contingent liabilities or corporate guarantees following the disposal.
Ann Joo Integrated Steel, established in 2007, manufactures and trades iron, steel and related products, with a 500,000 mt per year iron-making plant commissioned in 2011. Ann Joo Steel Berhad, established in 1961 and formerly known as Malayawata Steel Berhad, is a long steel producer operating an 820,000 mt per year EAF steelmaking plant and three rolling mills with a combined capacity of 650,000 mt per year.