Following the cancellation of the agreement, Ann Joo took a significant step as part of its restructuring process.
The company signed a conditional agreement to sell its subsidiaries Ann Joo Steel Bhd and Ann Joo Integrated Steel to Singapore based Green Esteel Pte Ltd. The transaction value was reported at approximately RM 348.7 million, calculated based on the companies’ assets minus liabilities.
The development is considered part of Ann Joo’s efforts to reshape its operations and strengthen its financial structure, while the planned integration process with Southern Steel appears to have been terminated due to ongoing uncertainties.
Comments
No comment yet.