SSTEEL

0.385

+0.025 (+6.9%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS SOUTHERN STEEL BERHAD ("SSB" OR THE "COMPANY") DISPOSAL OF 12,883,562 EXISTING ORDINARY SHARES IN SOUTHERN STEEL MESH SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF SSB ("SSM"), REPRESENTING APPROXIMATELY 55.0% EQUITY INTEREST IN SSM, BY SSB TO BRC ASIA LIMITED ("BRC" OR THE "PURCHASER") FOR A TOTAL CASH CONSIDERATION OF RM61.05 MILLION ("DISPOSAL")

SOUTHERN STEEL BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
SOUTHERN STEEL BERHAD ("SSB" OR THE "COMPANY")

DISPOSAL OF 12,883,562 EXISTING ORDINARY SHARES IN SOUTHERN STEEL MESH SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF SSB ("SSM"), REPRESENTING APPROXIMATELY 55.0% EQUITY INTEREST IN SSM, BY SSB TO BRC ASIA LIMITED ("BRC" OR THE "PURCHASER") FOR A TOTAL CASH CONSIDERATION OF RM61.05 MILLION ("DISPOSAL")

We refer to the previous announcements and the circular to shareholders dated 18 July 2025 in relation to the Disposal (“Circular”). Unless otherwise defined, the definitions set out in the Circular shall apply herein.

 

On behalf of the Board, UOBKH wishes to announce that the last of the Conditions Precedent set out in the SPA (i.e. the non-occurrence of any material adverse change occurring on or before Closing) has been fulfilled on 14 August 2025, resulting in the SPA being unconditional on even date.

 

As disclosed in the Circular, the Disposal Consideration of RM61.05 million is subject to adjustments in the event that SSM declares a dividend to its shareholder (being the Company) prior to the completion of the Disposal. As such, following the declaration and full payment of dividend of RM14.99 million by SSM to the Company, the Disposal Consideration has been revised from RM61.05 million to approximately RM52.80 million accordingly.

 

Further, the revised Disposal Consideration of approximately RM52.80 million has been fully settled in cash by BRC on 14 August 2025, hence marking the completion of the Disposal in accordance with the SPA.

 

This announcement is dated 14 August 2025.






Announcement Info

Company Name SOUTHERN STEEL BERHAD
Stock Name SSTEEL
Date Announced 14 Aug 2025
Category General Announcement for PLC
Reference Number GA1-14082025-00008