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Potential Buyer of M'sia Steel Firm in Philippines Withdraws
By Asia Pulse

23/3/2001 12:51 pm Fri

[Syarikat Belanda, Ispat International menarik diri dari hasrat untuk membeli 82.5% pegangan Malaysia dalam NSC, syarikat besi di Filipina yang kini sudah lingkup. Majoriti saham dipegang oleh Hottick Investment di mana ekuitinya diambil alih oleh Danaharta untuk menyelamatkan muka Halim Saad.

Hottick atau NSC berhutang RM14 bilion dari bank tempatan tetapi diambil alih oleh Danaharta dengan RM4 sahaja. Beberapa hari lepas Danaharta cukup bising dengan lapuran 'berjaya'nya (memangpun kalau main beberapa ringgit sahaja). Sekarang bagaimana?

Sila Rujuk Rencana KM2 2841: Skandal Halim Saad oleh Kim Quek yang diterjemahkan oleh Pak MT. - Editor] article.html?s=asia/headlines/010322/asia/asiapulse/ Potential_Buyer_of_Malaysian_Steel_Firm_in_Philippines_Withdraws.html

Thursday, March 22 7:10 PM SGT

Potential Buyer of Malaysian Steel Firm in Philippines Withdraws

MANILA, March 22 Asia Pulse - Hopes of saving the debt-saddled Malaysian-owned National Steel Corp (NSC) fizzled out after a prospective foreign buyer backed out of the negotiations.

In talks to reporters today, Trade and Industry Secretary Manuel Roxas said Dutch steel firm, Ispat International NV, failed to raise money to buy the 82.5 percent Malaysian interest in NSC.

NSC, shut down since last year, is majority owned by Hottick Investments Ltd whose equity is being held by Malaysian state-run firm Danaharta Pengurusan Bhd.

Minority stakeholders include Manila's state-owned firm National Development Company and Japan's Marubeni Corp.

"Ispat has backed out because of its low stock prices at the New York Stock Exchange. And because of that, they won't be able to raise capital," Roxas said.

The New York-listed, Ispat was the most interested among prospective foreign investors in NSC, once the Philippines' largest steel concern, the official said.

It had reportedly offered US$100 million (RM380 million) to acquire and revive the Malaysian steel firm, the highest bid among those which had expressed interest in the beleaguered company.

Others keen in NSC, placed under receivership by the Securities and Exchange Commission, were Russia's Novolipetsk Iron and Steel Corp, Italy's Duferco SA and local firms Grupo Jacinto and Allengoal.

Roxas regretted Ispat's pullout in that its purchase offer was welcomed by NSC's creditors. NSC owes some 14 billion pesos (RM$1.4 billion) to local banks.

But he hoped that the Philippine and Malaysian governments would somehow find a "white knight" to bail out NSC from its debts and put it back on its feet.

Roxas and visiting Malaysian Trade Minister Rafidah Aziz had earlier agreed to swap notes on what to do with NSC, now a "white elephant."