Kinsteel to buy 51% of Perwaja
Malaysian steelmaker Kinsteel agreed with Maju Holdings to take over 51 percent stake in its wholly owned Perwaja steel plant.
Kinsteel will pay MYR 197.6 million ($52.39 million) for 51 percent of the plant. Maju Holdings will still own the remaining 49 percent.
Perwaja was owned by Malaysian government. It was declared insolvent and sold to Maju Holdings in 1996.
Perwaja plant produces about 1.2 million tons of direct reduction iron and 1.3 million tons of billets annually, which are processed into 450'000 tons of bars and
wire rods, 750'000 tons of
beams and sections, 36'000 tons of
wire mesh and 36'000 tons of nails.