NatSteel takeover by its management
It seems finalised that, after having received bids from 40 international investors besides the management's bid NatSteel, the state-owned steel mill of
Singapore, will be taken over by its own management.
According to reports, the management submitted a revised bid of $350million on the deadline of August 16, 2002 and same is accepted by the NatSteel board. The bid is given by Crown Central Assets, founded for the takeover of NatSteel by Ang Kong Hua, the president of NatSteel.
Ang Kong Hua expects the takeover to complete towards the end of November. Crown Central Assets' plans include keeping the plant's operations in the same current while focusing to expand in Asia, mainly
China.
It is intended that NatSteel keeps its name after the takeover.
NatSteel sale is effected within the scope of a programme of Temasek Steel,
Singapore's state investment company, aiming to open the state owned companies to the private sector.