Tan Sri Cheng Heng Jem had on 7 December 2012 entered into two conditional share sale agreements to acquire a total of 114,865,498 ordinary shares of RM1.00 each in Lion Industries Corporation Berhad from LCB (a company wherein Tan Sri Cheng Heng Jem has a substantial interest) and its wholly-owned subsidiaries, PMB Jaya and Bright Steel