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Hiap Teck to pare stake in Eastern Steel, eyes ops resumption

Mimi Sabreena 3:06:00 PM Informasi

KUALA LUMPUR (April 4): Hiap Teck Venture Bhd today said it is disposing of a 20% stake in Eastern Steel Sdn Bhd to Shanxi Jianlong Industry Co Ltd for RM139.3 million, a move it said could potentially bring about a "successful turnaround".

Eastern Steel is principally involved in manufacturing, selling, and dealing of steel products using blast furnace plant, but operations had halted since October 2015 to minimise losses due to difficult market conditions.

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