Singapore’s Esteel to purchase Amsteel’s stake in Antara Steel Mills

Wednesday, 13 October 2021 10:50:20 (GMT+3)   |   Istanbul

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 Antara Steel Mills Sdn in Labuan, Malaysia, for $128 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 403.1 million ($96.83 million) for Lion Industries for the financial year ending December 31, 2021. The gain will finance the company’s plans to expand into the flat steel business.

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