Tycoon Quek’s Hong Leong considering sale of Southern Steel stake, sources say
By Elffie Chew
Hong Leong Group, a conglomerate controlled by billionaire Tan Sri Quek Leng Chan, is considering selling its majority stake in Southern Steel Bhd. and seeking a valuation of as much as US$200 million (RM944 million) for the unit.
The company is working with advisers on the planned divestment of its 70% stake in the Kuala Lumpur-listed arm, the people said.
A deal could value Southern Steel Bhd between US$100 million to US$200 million, the people said. At the top of the range, it would be more than double the firm’s current market capitalisation of about US$76 million.
Source: Bloomberg
https://theedgemalaysia.com/node/687589
