Lion Industries will get greater quantity of RM697.74mil from disposal of Antara Metal

KUALA LUMPUR: Lion Industries Company Bhd (LICB) mentioned the “remaining adjusted consideration” from the disposal of its unit Antara Metal Mills Sdn Bhd had elevated by RM26.15 million to RM697.74 million (US$165.63 million).

Whole proceeds had elevated as a result of completely different change charge used and the date adopted for the closing of Antara’s account, it mentioned in a inventory change submitting to Bursa Malaysia immediately.

LCB mentioned the ultimate adjusted consideration was based mostly on Antara’s closing account as of the completion date on Dec 10, 2021 whereas the precise change charge was based mostly on US$1 for RM4.215 as at April 7, 2021, in comparison with the assumed charge of RM4 .18 beforehand.

Concurrently, the utilization of proceeds set for brand new investments or the present enterprise is raised to RM431.10 million from RM404.95 million beforehand.

It mentioned Singapore’s Esteel Enterprise Pte Ltd had totally paid the ultimate adjusted consideration to Amsteel Mills Sdn Bhd, its 99-per cent subsidiary, for the whole stake in Antara. – Bernama


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