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Kinsteel Unit to form JV with Tianjin Qiangbang to Run Steel Mill in Malaysia

Steel News - Published on Fri, 03 Apr 2020

Image Source: thestar.com.my
Kinsteel Bhd said its wholly-owned subsidiary Kin Kee Steel Service Centre Sdn Bhd has entered into a letter of intent to start negotiation with Tianjin Qiangbang Industrial Co Ltd to form a joint venture company to run a steel mill at Gurun in Kedah in Malaysia. Kinsteel said that under the proposed transactions, KKSSC is expected to hold 45% shareholding in the JVC. Kinsteel said the JVC shall be set up as a private company limited by shares in Malaysia with an expected paid-up capital of RM10 million, while KKSSC shall be tasked to secure all licences and approvals from relevant authorities relating to the production of steel products.

The core products involved are steel billet, wire rod, spring steel flat bar and laminated leaf spring.

KKSSC, which is currently dormant, was previously involved in the manufacturing and trading of wire mesh, and it had ceased operations since December 2017. Meanwhile, Tianjin Qianbang is principally engaged in the business or trades of steel smelting, rolling and making, with a share capital of 50 million Chinese yuan

Source :

Posted By : Rabi Wangkhem on Fri, 03 Apr 2020
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