Tata Steel Singapore subsidiary acquires stake from Southern Steel Berhad, Malaysia

Tata Steel Ltd has announced that that NatSteel Asia Pte. Ltd., Singapore, a wholly-owned subsidiary of the Company on January 24, 2007, has acquired equity shares in the following Companies from Southern Steel Berhad, Malaysia:

1. 40% equity interest in NatSteel Trade International Pte. Ltd. for a cash consideration of S$ 6,538,000 (present holding 60%).

2. 50% equity interest in NatSteel (Xiamen) Ltd. (formerly known as Southern NatSteel (Xiamen) Ltd.) for a cash consideration of S$ 19,357,000 (present holding 50%).

3. 22.6% equity interest in NatSteel Vina Co. Ltd. for a cash consideration of S$ 3,105,000 (present holding 33.9%).

On completion of the above acquisitions, NatSteel Trade International Pte. Ltd and Southern NatSteel (Xiamen) Ltd., have become wholly owned subsidiaries of NatSteel Asia Pte. Ltd. and NatSteel Vina Co. Ltd. has become its subsidiary with equity holding of 56.5%.

Source : Equity Bulls

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