Singapore’s steelmaker Green Esteel announced that it will acquire a 50.1% stake in Malaysia’s Southern Steel for MYR 315.9 million.

Once the transaction is approved by the authority, Green Esteel will make Southern Steel one of its subsidiaries.

Besides, Southern Steel will also offer 10.18% shares to investors in order to comply with the requirements of public shareholding since Green Esteel will be the major shareholder.

Southern Steel has a combined annual production capacity of 150,000 tons at its mesh manufacturing plants in Klang and Prai in Malaysia.