Wednesday, 02 Mar 2011
The Bangkok Post reported that world's largest steel company ArcelorMittal will become the largest shareholder of financial troubled G Steel Plc after agreeing to pay USD 250 million to acquire 40% of the SET listed hot rolled steel manufacturer.
The report quotes a company executive as saying that the agreement will be signed in Bangkok today, allowing the Luxembourg-based company to acquire new shares of G Steel.
Details of the fresh capital to be injected by the new investor and the price per share are expected to be released after the signing.
Following the capital increase, the Leeswadtrakul family will see a dilution of ownership in G Steel.(sourced:The Bangkok Post)
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