Integrated steel company Tata Steel Ltd. headquartered in India said it has reached a definitive agreement to sell its 100% stake in Singapore-based steelmaking facility to TS Global Holdings.
A final agreement has been reached to sell the entire stake in NatSteel Holdings Pte Ltd for $ 172 million, according to a company press release. The agreement was signed with TopTip Holding Pte Ltd, a steel and iron ore trading company based in Singapore. Tata Steel acquired NatSteel Singapore in 2004.
Tata Steel announced that the company's EBITDA-to-deal ratio is approximately 13 times higher based on historical results. The company's revenue for 21 fiscal years was INR 2,852 crore. The company closed the deal and received a fee that will be used to reduce its offshore debt, the press release said.
In the meantime, the company decided to keep Siam Industrial Wires, NatSteel's wired business in Thailand. It will continue to be part of its downstream wire portfolio. It should be noted that the business operates as a wholly owned subsidiary of the Tata Steel Group.
Tata Steel reaches agreement to sell stake in steel division
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Azovpromstal® 3 October 2021 г. 14:44 |
