Malaysian slab producer Eastern Steel has made a purchase agreement with China's Jianlong Group. In the deal, 40% shares were to be sold, in which case more shares were considered.
Eastern Steel is a slab producer with an annual capacity of 3 million. Currently, 55% is owned by Malaysian Hiap Teck Venture, 40% by Orient Steel Investment and 5% by Chinaco Investment.
Jianlong Group has reached an agreement with Orient Steel. They were going to buy a 40% stake, and meanwhile, they were negotiating with Hiap Teck Venture to increase their stake.
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