So long as it is just a MOU signed, be careful. Also remember there shall definitely be a huge capital reduction (to account for the huge loss/bad balance sheet) in the restructuring plan if it is ever can take off. Kinsteel capital reduction is proposed to be from 20 cts to 5 cts as per Bursa announcement earlier. Take account of this, brothers, as you buy it before this. Hit and run may be...
The China man will become major shareholder Big capital injection to settle off the debt and lift up the PN17 status and resume production and export to china as demand is big there.
Export to China? Joking. Lion Group has to get MITI to help to impose anti dumping of hot rolled steel from China. Other steel mills also are petitioning government to stop cheap imports from China. All steel mills are bleeding since a few years already due to cheap Chinese import. Known fact lah.
Reported in Star..signing a MOA (not sales n purchase agreement) this Friday. News discounted already. Stainless steel production ... joke to those who know steel making.
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