Malaysia-based steelmaker Ann Joo Resources (AJR) has announced that it has acquired a 51 percent stake through its indirect subsidiary Konsortia Etiqa Sdn Bhd (KESB) in wire maker Perfect Channel Sdn Bhd (PCSB) belonging to Kinsteel Bhd for RM 10.1 million ($2.16 million).
The company stated that with the help of the acquisition, it will be able to expand its upstream steel division into engineering-grade steel wire rods by the help of PCSB’s existing machines and capabilities.
PCSB was producing hard-drawn steel wires and other wire products until it ceased operations due to a fire incident. In the financial year ending December 31, 2022, the company reported a net loss of RM 28.57 million ($6.11 million).
