Marubeni-Itochu Steel Sdn Bhd and Marubeni-Itochu Steel Inc. completed the acquisition of 59.12% stake in Anshin Precision Industries Sdn Bhd from Ann Joo Resources Berhad.
The transaction is subject approval of Board of Directors or management committee of MISM and MIS, and Ann Joo Resources obtaining Ann Joo Management Services Sdn Bhd (AJMS)'s consent for the renewal of the tenancy agreement between AJMS and Anshin Precision. The transaction is not subject to any approval of the shareholders or any other regulatory authorities. Board of Directors of Ann Joo Resources has approved the transaction. The transaction is expected to complete on February 12, 2013 or within fourteen business days from the unconditional date, whichever date is the later. The cash proceeds from the sale will be used immediately to meet the repayment obligations of trade financing facilities of the Ann Joo Resources. The transaction will not have any material effect on the earnings per share, net assets per share or gearing of the Ann Joo Resources for the financial year ending December 31, 2012 and December 31, 2013.
Marubeni-Itochu Steel (Malaysia) Sdn Bhd (MISM) and Marubeni-Itochu Steel Inc. (MIS) completed the acquisition of 59.12% stake in Anshin Precision Industries Sdn Bhd from Ann Joo Resources Berhad (KLSE:ANNJOO) on January 7, 2013.