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Union Steel Holdings To Acquire Two Parcels Of Land And Shredder Plant
Daily Bulletin | 30 October 2015

Union Steel Holdings’ wholly-owned subsidiary, Union CHH, has entered into two separate sale and purchase agreements with Chye Hup Heng (CHH) in respect of acquiring two parcels of land and all buildings situated thereon in Johor Bahru, as well as an asset sale agreement for acquiring a scrap metal shredder plant located on one of the parcels of land.

CHH has been wound up by a court order of High Court of Malaysia on 20 January 2014.

The group will acquire both parcels of land and the shredder plant for a total consideration of RM16.5 million, which will be funded by a combination of bank loans and internally generated funds.

The acquisition is in line with the group’s business and expansion plans and is part of the group’s continuing effort to seek the expansion of its recycling businesses. The group intends to carry out its existing recycling of ferrous scrap metal in Malaysia as the group is currently exporting and supplying the recycled metals from Singapore to other parts of the world.

In addition, the group will be able to tap on the Malaysia market to source for scrap metals to increase the supply of scrap metal to meet the demands of its customers in Malaysia and in the region.

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