Hiap Teck Venture Bhd's 55 per cent owned subsidiary, Eastern Steel Sdn Bhd, has entered into two contracts for the design, procurement and construction of the first phase of an integrated steel mill in Teluk Kalung, Kemaman.
The RM417.832 million engineering and procurement contract and the RM232.000 million construction contract were entered into with China Shougang International Trade and Engineering Corporation, Hiap Teck said in filing to Bursa Malaysia today.
"The completed integrated steel mill would have a total annual capacity of 3.5 million tonnes of steel. "Project plant is expected to be completed by 2013," it said.
It said the project plant would be proportionately funded by the respective shareholders of Eastern Steel.
Hiap Teck will fund its 55 per cent portion via a fund raising exercise involving a proposed rights issue with warrants and the proposed issuance of convertible bonds as announced on Jan 28, and internally generated funds. -- Bernama
The RM417.832 million engineering and procurement contract and the RM232.000 million construction contract were entered into with China Shougang International Trade and Engineering Corporation, Hiap Teck said in filing to Bursa Malaysia today.
"The completed integrated steel mill would have a total annual capacity of 3.5 million tonnes of steel. "Project plant is expected to be completed by 2013," it said.
It said the project plant would be proportionately funded by the respective shareholders of Eastern Steel.
Hiap Teck will fund its 55 per cent portion via a fund raising exercise involving a proposed rights issue with warrants and the proposed issuance of convertible bonds as announced on Jan 28, and internally generated funds. -- Bernama
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