Southern Steel Mesh has a book value and net tangible asset of RM108.9 million as at June 30, 2024 and RM106.5 million as at Sept 30, 2024. Its net profit after tax is RM4.72 million and RM649,617 for the FY2024 and 1QFY2024.
BRC Asia has entered into a conditional share purchase agreement with Southern Steel to buy 12.9 million ordinary shares or 55% of the share capital of Southern Steel Mesh, according to a bourse filing on Apr 22.
BRC Asia first made the announcement to acquire a controlling stake in Southern Steel Mesh on Feb 28, 2025. It has agreed to acquire the sale shares subject to the conditions set out in the share purchase agreement for a consideration of RM61.1 million or $18.2 million.
