Cheng: Lion Group's revamp for steel ops still on

By Hanim Adnan

KUALA LUMPUR: The restructuring plan for Lion Group's steel operations is still on with a merchant banker appointed to look into the matter, said its chairman and chief executive officer Tan Sri William Cheng.

He said on Monday that several foreign parties from China and South Korea have indicated interest to take up some stake in Lion steel subsidiaries but "they want to see a clearer iron and steel policy being put in place by the Malaysian Government before investing".

In another development, Lion Group is also seeking to secure iron ore concessions from the mineral rich states like Trengganu, Pahang and Johor.

"This will be for the supply to our current blast furnace plant in Banting (Selangor) which is under construction," Cheng explained.