Kuala Lumpur, 8 August 2008 –Lion Industries Corporation Bhd (LICB) announced today that a meeting of the financial institution creditors (“Scheme Creditors”) of Amsteel Mills Sdn Bhd (“AMSB”), a 99% owned subsidiary of LICB will be held on 8 September 2008 pursuant to the order of the High Court of Malaya granted on 14 December 2007 under Section 176(1) of the Companies Act, 1965.
The application for the Court order under Section 176 (1) is different from the usual Section 176; this is purely to facilitate AMSB to convene the meeting with the Scheme Creditors to vote on the disposal of certain assets of AMSB namely bonds and shares, land leases, and rules for future Scheme Creditors’ meetings; the details of which are contained in LICB’s announcement to Bursa Malaysia today. There is no restraining order on any party in this regard.
The Scheme of Arrangement Document and Explanatory Statement of AMSB with full details of the above proposals have been despatched to the Scheme Creditors today.
AMSB is currently involved in the manufacturing of long steel products namely billets, bars and wire rods.
For further information, please contact Ms Quah Le Ching, Corporate Communications Department at tel. no. 03-2162 2155 ext. 2505, 2163 2028 (DL) or fax no. 03-2161 8409