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Ann Joo & Southern Steel form JV for Long Product Steel ManufacturingThe 21st China(Guangzhou)Int'l Stainless Steel Industry Exhibition
10/9/2019 不锈钢展-不锈钢展会-效果最好的不锈钢展会- Stainless Steel Exhibition |
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The Edge Markets reported that Ann Joo Resources Bhd and Southern Steel Bhd are joining forces via a 55:45 joint venture company to synergise opportunities in the long product steel manufacturing business. In bourse filings, both parties said they have signed a memorandum of understanding for the formation of a strategic alliance in relation to the business. Under the proposal, SSB will be selling the entire equity interests including assets and liabilities of its units Southern Steel Rod Sdn Bhd, Southern Steel Mesh Sdn Bhd, Southern PC Steel Sdn Bhd and Danstil Sdn Bhd to the JV Co for RM742.5 million. Meanwhile, AJRB will be disposing of its entire interest in Ann Joo Integrated Steel Sdn Bhd, Ann Joo Steel Bhd and Saga Makmur Industri Sdn Bhd to the JV Co for RM907.5 million. The new JV Co will be a 45%-associated company of SSB and a 55%-subsidiary of AJRB via the issuance of new ordinary shares, the parties said.
The filling said that "The proposal aims to establish a joint venture comprising the long product steel manufacturing businesses of SSB and AJRB, both of which are established players in the Malaysian steel market, to promote business efficacy and obtain synergistic benefits for such businesses. The proposal brings together the strengths of both SSB and AJRB with a vision to create a highly competitive long product steel manufacturer in South East Asia which will be better positioned to fully support the evolving needs of their customers.”
The parties are expected to effect the proposal within 90 days from the date of the MoU or such extended period which is no later than six months from the date of the MoU, subject to a further extension of three months in the event the conditions precedent as stated in the MoU are not fulfilled or waived.
不锈钢展-2020第二十一届广州国际不锈钢工业展-效果最好的不锈钢展会-The 21st China(Guangzhou)Int''l Stainless Steel Industry Exhibition
- Stainless Steel exhibition,2020
Stainless Steel exhibition, China
Stainless Steel exhibition, Guangzhou
Stainless Steel expo,Guangzhou Stainless Steel exhibition, 2020
Stainless Steel expo, China Stainless Steel expo
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