Marubeni-Itochu Steel (Malaysia) Sdn Bhd (MISM) and Marubeni-Itochu Steel Inc. (MIS) entered into a share sale agreement to acquire 59.12% stake in Anshin Precision Industries Sdn Bhd from Ann Joo Resources Berhad (KLSE:ANNJOO) for MYR 8.9 million on December 5, 2012. Marubeni-Itochu Steel (Malaysia) Sdn Bhd and Marubeni-Itochu Steel will acquire 4.45 million shares at the price of MYR 2 per share. MISM and MIS shall pay MYR 0.18 million being 2% of the transaction upon execution of agreement and will pay remaining MYR 8.72 million being the balance 98% of the transaction within seven business days from the unconditional date. Anshin Precision has net assets of MYR 11.37 million as at December 31, 2011.

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.