The Board of Directors (“Board”) of HTVB wishes to announce that Jianlong has on 8 November 2021 subscribed for 508.0 million new ordinary shares in the share capital of ESSB for a total cash consideration of Renminbi 500.0 million (“Share Subscription”), equivalent to approximately RM 325.6 million (based on the exchange rate of Renminbi 1.00: RM 0.6512 at the time the funds were received). The proceeds received from the Share Subscription are used for ESSB’s capital expenditure and working capital requirements.
Eastern Steel Sdn. Bhd. (“ESSB” or the “Company”) is located on the East Coast of West Peninsular of Malaysia. It was jointly invested by Beijing Jianlong Heavy Industry Group Co., Ltd. (“Beijing Jianlong”) and Hiap Teck Venture Bhd. (“HTVB”). It was built on an industrial land measuring 1209 acre. Its main production facilities consist of a sintering plant, an iron making plant, a steel making plant and an auxiliary plant, and it has an annual production capacity of 700,000 metric tons.
The principal activities of the Company are manufacturing, selling and dealing in a range of steel product, serving the Malaysian and Southeast Asian markets. In 2018, Beijing Jianlong acquired controlling stake in ESSB and commenced resumption of production within a relatively short period of half a year.
Moving forward, the Company is planning to expand its annual production capacities to 5 million metric tons with the building of a fully integrated steel plant.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Johnchew6
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Posted by Johnchew6 > 2021-11-08 11:03 |
Post removed.Why?