Currently, Hiap Teck owns 55% equity interest in Eastern Steel. Orient Steel Investment Pte Ltd, a substantial shareholder of Hiap Teck, holds 40% in Eastern Steel, while Chinaco Investment Pte Ltd owns the remainder 5%. To effect Angang's entrance, Hiap Teck inked a cooperation (co-op) agreement with Ansteel, Orient Steel, Chinaco and Eastern Steel to carry out a series of transactions. Firstly, Ansteel shall buy over Orient Steel's stake in Eastern Steel, and the shareholders' loan provided to Eastern Steel, together with any accrued interest. Shares in Hiap Teck closed at 34.5 sen, up 1.5 sen or 4.55%, for a market capitalisation of RM442.72 million.

Source: The Edge Markets October 31, 2016 16:22 UTC