【SMM Steel】Southern Steel proposes RM1bn buyout of Ann Joo's upstream unit

Published: Apr 1, 2026 09:44

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【SMM Steel】Southern Steel signed a heads of agreement to acquire Ann Joo Steel from Ann Joo Resources. The cash deal targets non-current assets valued at RM1.005bn. It includes Ann Joo Integrated Steel but excludes dormant property units. The acquisition aims to expand scale and improve efficiency via shared resources. Southern Steel seeks cost synergies by integrating similar upstream businesses. The deal requires shareholder approval.

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