KUALA LUMPUR: Shares of Lion Group of companies were actively traded on Thursday, June 23 on news that the group is seeking to consolidate its steel business soon to pave way for the entry of a foreign strategic partner to help grow its steel operations.
At 9.05am, Lion Corp was up 1.5 sen to 31.5 sen with 9.49 million shares done; Lion Diversified added 3.5 sen to 47.5 sen with 4.11 million shares done and Lion Industries jumped 14 sen to RM2.01 with 1.77 million shares traded.
The Edge Financial Daily reported on June 23 that the Lion group has started meeting steel players from various countries, including China's Baosteel Group, which have shown interest in its steel operations.
'The talks are still in the preliminary stage' no decision has been made yet. The foreign partner will eventually participate in the entire steel business,' a source told The Edge Financial Daily.
It was reported by Bloomberg that China's second largest steelmaker Baosteel Group Corp was in talks to buy a stake in Lion Group for US$1 billion.
The report, quoting two people familiar with the matter, indicated that the size of the Amsteel stake to be acquired by Baosteel has yet to be finalized.
When asked to comment, Lion group executive director Datuk Albert Cheng told The Edge Financial Daily the company was unable to comment at the moment but would make an announcement at the 'right time'.
At 9.05am, Lion Corp was up 1.5 sen to 31.5 sen with 9.49 million shares done; Lion Diversified added 3.5 sen to 47.5 sen with 4.11 million shares done and Lion Industries jumped 14 sen to RM2.01 with 1.77 million shares traded.
The Edge Financial Daily reported on June 23 that the Lion group has started meeting steel players from various countries, including China's Baosteel Group, which have shown interest in its steel operations.
'The talks are still in the preliminary stage' no decision has been made yet. The foreign partner will eventually participate in the entire steel business,' a source told The Edge Financial Daily.
It was reported by Bloomberg that China's second largest steelmaker Baosteel Group Corp was in talks to buy a stake in Lion Group for US$1 billion.
The report, quoting two people familiar with the matter, indicated that the size of the Amsteel stake to be acquired by Baosteel has yet to be finalized.
When asked to comment, Lion group executive director Datuk Albert Cheng told The Edge Financial Daily the company was unable to comment at the moment but would make an announcement at the 'right time'.
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