<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Dec 16): Lion Industries Corp Bhd said it is acquiring a direct reduced iron (DRI) plant in Banting, Selangor for US$9 million (RM38.07 million) to supplement its existing steel operations.</p></div>

<div class=newsTextDataWrapInner><p>In the related party transaction, Lion Industries’ 99%-owned subsidiary Amsteel Mills Sdn Bhd is buying the plant from Lion DRI Sdn Bhd.</p></div>

<div class=newsTextDataWrapInner><p>Lion DRI is a unit of Lion Diversified Holdings Bhd, which is in liquidation.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>In a bourse filing, Lion Industries said the DRI plant is being acquired at a premium of RM5.57 million, based on a valuation of RM32.5 million by PPC International Sdn Bhd reported in March and updated in November.</p></div>

<div class=newsTextDataWrapInner><p>It added that the purchase consideration is justifiable&nbsp;as the plant has ceased operations since February/March 2016 and is considering the prevailing market price of scrap metal.</p></div>

<div class=newsTextDataWrapInner><p>The acquisition will be funded using funds secured from the sale of Antara Steel Mills Sdn Bhd, which was completed on Dec 10, said Lion Industries.</p></div>

<div class=newsTextDataWrapInner><p>Shares of Lion Industries settled unchanged at 60.5 sen on Thursday (Dec 16), giving the group a market capitalisation of RM434.34 million.</p></div>


KUALA LUMPUR (Dec 16): Lion Industries Corp Bhd said it is acquiring a direct reduced iron (DRI) plant in Banting, Selangor for US$9 million (RM38.07 million) to supplement its existing steel operations.

Lion Industries buys direct reduced iron plant in Banting for RM38m

Russia's Vladimir Putin on Saturday apologised to Azerbaijan's president for a "tragic incident" which happened in Russian airspace involving an Azerbaijan Airlines passenger plane that crashed after air defences were used against Ukrainian drones.

Putin apologises to Azerbaijan's Aliyev over 'tragic incident' with plane in Russian airspace

Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire.

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The recent Court of Appeal decision in the case of Zuraida Bte Kamaruddin v Saifuddin Nasution bin Ismail stirred interest not just within the legal fraternity but caused public disquiet due to its wide-reaching implications on the political scene and society at large.

Establishing the reasonable price of disloyalty

British Prime Minister Keir Starmer has asked the country's regulators, including the financial and competition watchdogs, to remove barriers to growth in an effort to revive a sluggish economy, Sky News reported on Saturday.

UK's Starmer asks regulators to prioritise economic growth — report

The next interest rate cut by the European Central Bank could be longer in coming after a recent uptick in inflation, ECB Governing Council member Robert Holzmann was quoted as saying on Saturday.

Next ECB rate cut could be longer in coming, Holzmann says

China’s central government urged local authorities to offer handouts to people struggling with the cost of living, Xinhua News Agency reported, citing a notice from the Ministry of Civil Affairs.

China urges local govts to give cash handouts for New Year — report

All applications for pardons related to offences committed in the Federal Territories of Kuala Lumpur, Labuan and Putrajaya must be submitted to the Pardons Board, which is chaired by the King, said the Attorney General's Chambers (AGC).

AGC: All applications for pardons in Federal Territories must be made to Pardons Board

The future of gas transit through Ukraine is at a turning point. If a last-minute deal isn’t struck by Wednesday, billions of cubic meters in gas flows could come to a halt.

Ukraine-Russia gas transit deal faces critical moment of truth

Japan’s financial regulator ordered AEON Bank Ltd to fix its anti-money laundering system, saying it failed to detect and report suspicious activities by clients.

Japan's regulator orders AEON Bank Japan to fix money laundering gaps

Inspector-General of Police Tan Sri Razarudin Husain filed a RM3 million defamation lawsuit against blogger Wan Muhammad Azri Wan Deris, better known as Papagomo.

IGP files defamation suit against Papagomo

<p>Thailand and Malaysia are strengthening bilateral relations with an aspiring plan to achieve US$30 billion (RM134.22 billion) bilateral trade target by 2027, while prioritising greater cross-border trade promotion and facilitation in key sectors.</p>


Thailand, Malaysia set sight on US$30b trade by 2027, greater cross-border ties

<p>All applications for pardons related to offences committed in the Federal Territories of Kuala Lumpur, Labuan and Putrajaya must be submitted to the Pardons Board, which is chaired by the King, said the Attorney General's Chambers (AGC).</p>


<p>Russia's Vladimir Putin on Saturday apologised to Azerbaijan's president for a "tragic incident" which happened in Russian airspace involving an Azerbaijan Airlines passenger plane that crashed after air defences were used against Ukrainian drones.</p>


<p>China’s central government urged local authorities to offer handouts to people struggling with the cost of living, <em>Xinhua News Agency </em>reported, citing a notice from the Ministry of Civil Affairs.</p>


<p>Inspector-General of Police Tan Sri Razarudin Husain filed a RM3 million defamation lawsuit against blogger Wan Muhammad Azri Wan Deris, better known as Papagomo.</p>


<p>The future of gas transit through Ukraine is at a turning point. If a last-minute deal isn’t struck by Wednesday, billions of cubic meters in gas flows could come to a halt.</p>


<p>The recent Court of Appeal decision in the case of <em>Zuraida Bte Kamaruddin v Saifuddin Nasution bin Ismail</em> stirred interest not just within the legal fraternity but caused public disquiet due to its wide-reaching implications on the political scene and society at large.</p>


<p>British Prime Minister Keir Starmer has asked the country's regulators, including the financial and competition watchdogs, to remove barriers to growth in an effort to revive a sluggish economy, <em>Sky News</em> reported on Saturday.</p>


<p>The next interest rate cut by the European Central Bank could be longer in coming after a recent uptick in inflation, ECB Governing Council member Robert Holzmann was quoted as saying on Saturday.</p>
