HBI plant sold for RM546.5m
Published on: Saturday, June 13, 2020
By: Sohan Das
Antara Steel Mills which operates the HBI plant.
LABUAN: The Hot Briquette Iron (HBI) plant at the Rancha Rancha Industrial estate here operated by Antara Steel Mills Sdn Bhd (ASMSB) is being sold to Singapore Steel Engineering Pte Ltd for US$128 million (RM546.5 million).The Lions Industries Corp Bhd and its 99 per cent owned unit Amsteel Mills Sdn Bhd has signed a conditional Sales and Purchase Agreement for the disposal of the HBI plant. According to a national daily which reported this, the deal does not include Lions Industries long steel plant in Pasir Gudang, Johor.
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The HBI plant was developed during Berjaya rule in the late 1970s. The project was one of the components of Sabah Gas Industries which was later named Sabah Gas Utilisation Project (SGUP).
It comprised a methanol plant, a 100 MW power plant and HBI. The plants enabled the full utilised of flared-up gas from the Semarang Erb West and Ketam fields.Stay up-to-date by following Daily Express’s Telegram channel.
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