China group struggles to purchase Perwaja plant
Emmanuel Samarathisa | 01 Nov 2019 00:30
A China-based conglomerate is believed to be eyeing Perwaja Steel Sdn Bhd’s plant in Kemaman, Terengganu, but is struggling to complete the purchase, say sources familiar with the matter.
It is learnt that the group has paid 10% of the estimated RM300 mil for the land that the plant sits on but has come up short in paying up the remainder due to a lack of funds, and is sourcing for more money.
While the identity of the buyer and the intention of the purchase are unknown, the last China-based group to make a bid for the Kemaman plant was Tianjin Zhiyuan Investment Group Co Ltd. The conglomerate promised to inject RM1.8 bil to revive Perwaja Holdings Bhd (Perwaja), the parent company of Perwaja Steel, but failed to meet the Feb 2017 deadline.
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