Thursday, June 23, 2011

#Flash* Lion Group confirms early talks for strategic tie-up

KUALA LUMPUR: The Lion Group has confirmed it is in exploratory talks with various parties for a potential strategic tie-up but was quick to caution there was no certainty these discussions would 'lead to a more definitive and conclusive understanding'.

Lion Industries Corp Bhd, Lion Corp Bhd and LION DIVERSIFIED HOLDINGS BHD [] said in similar statements on Thursday, June 23 the respective companies had, time to time, review strategic alternatives to improve their overall business of the company.

'In this regard, the board of directors of the company wishes to announce that the group has commenced preliminary discussions with various parties regarding a potential strategic collaboration,' it said.

Lion Industries said these discussions are at an exploratory stage and accordingly, there can be no certainty that it will lead to a more definitive and conclusive understanding between the parties.

The Edge FinancialDaily reported the Lion Group was expected to consolidate its steel business soon to pave the way for the entry of a foreign strategic partner to grow its steel operations.

At midday, the shares of the companies were off their early morning highs. Lion Industries rose five sen to RM1.92, Lion Diversified 2.5 sen to 46.5 sen and Lion Corp unchanged at 30 sen.

No comments:

Post a Comment