A sale and purchase agreement was signed between Lion Industries Corporation Bhd's subsidiary Amsteel Mills Sdn Bhd (AMSB) and Yinson Corporation Sdn Bhd for the proposed acquisition of land and structures constructed thereon valued at RM47.13 million.
The property consists of a 3.23-hectare (7.98-acre) leasehold industrial land in Klang, Selangor, together with structures constructed thereon.
According to a filing Lion Industries made with Bursa Malaysia, AMSB uses the property to run its steel production operations.
According to the statement, "The proposed acquisition will ensure that its ongoing business operations at the property continue as usual. In addition, given the property's location in a sought-after neighbourhood in Bukit Raja, Klang, AMSB may also potentially benefit from future capital appreciation."
According to Lion Industries, the proposed transaction benefits the Lion Industries Corporation Group.
The planned acquisition "is scheduled to be completed by the fourth quarter of 2022, barring any unforeseen events and subject to the fulfilment of all the conditions precedent," it stated.
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