Malaysia’s Lion Industries Corp. and its subsidiary Amsteel Mills Sdn Bhd have entered into a conditional sale and purchase agreement with Singapore-based Esteel Enterprise Pte Ltd for the sale of Amsteel’s entire stake in Eden Flame Sdn Bhd for RM 135.88 million ($32.5 million), according to a filing by Lion Industries at Bursa Malaysia, the Malaysian stock exchange.
The sale is expected to realize a gain of RM 56.54 million ($13.51 million) for Lion Industries for the financial year ending December 31, 2022.
According to the statement, Eden Flame owns the long steel plant located in Pasir Gudang, Johor, that produces billets which are rolled into steel bars and light sections.
The plant includes a 100-tonne electric arc furnace, a ladle furnace, a six-strand continuous casting machine and two rolling mills.
