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FACB Industries Incorporated Berhad ("FACBII") wishes to announce that its wholly-owned subsidiary Kanzen Tetsu Sdn Bhd ("KTSB") had on 12 July 2010 acquired the remaining 30% equity interest in Kanzen Stainless Processors Sdn Bhd ("KSP") for a cash consideration of RM2.414 million from ArcelorMittal Stainless International S.A. ("ASI").
KSP has an authorized share capital of Ringgit Malaysia Twenty Five Million (RM25,000,000.00) only of which Twenty Three Million Five Hundred (RM23,500,000.00) ordinary shares of RM1.00 each have been issued and fully paid i.e. 70% (KTSB) and 30% (ASI).
KSP operates a steel service centre at the existing KTSB's plant in Shah Alam, Malaysia. With the said acquisition, KTSB now owns 100% equity interest in KSP.
None of the Directors, major shareholders of FACBII and persons connected to them have any interest, either direct of indirect, in the acquisition. |
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