Natsteel signs deal with Crown Central Assets Limited

Natsteel signs deal with Crown Central Assets Limited

Singaporean steelmaker Natsteel's board of directors announced on September 6th that, subject to its shareholders' approval, they have signed the agreement to accept Crown Central Assets Limited's (CCL) offer to acquire all the businesses, assets and undertakings of the company including the investments in all the subsidiaries of the Natsteel Group. Under the agreement, CCL is going to pay Natsteel S$350 million (approximately $200 million) less consolidated net bank borrowings. The extraordinary general meeting of shareholders for approval of the sale agreement, is scheduled for October. The sale is scheduled to be completed during the fourth quarter of the year. In order to see the previous article about Natsteel please click here.