AmBank Group has granted financing facilities of RM1.06 billion to Worldwide Stainless Sdn Bhd, an affiliate of Yankong Group for the acquisition of Bahru Stainless Sdn Bhd from Acerinox S.A., a leading stainless-steel manufacturer based in Spain.
The acquisition was completed in November 2024, with AmBank having financed 80% of the deal between Worldwide Stainless Sdn Bhd and Acerinox, S.A.
The acquisition of Bahru Stainless is now the nation’s sole producer of cold-rolled stainless steel, meeting domestic and international demands.
The group is also implementing a streamlined production process to enhance efficiency and sustainability with its plant’s annual capacity of 300,000 metric tons is set to be increased gradually, ensuring operational stability and quality consistency. Through this acquisition, they have also invested in workforce upskilling and adopting innovative technologies to secure long-term
growth and this includes but not limited to rehiring 90% of its retrenched workforce, reinstating skilled professionals with decades of expertise.
Danny Tan Wei Beoh, Chief Executive Officer of both Worldwide Stainless Sdn Bhd and Yankong Group said “This signing marks a significant step for Worldwide Stainless with the successful acquisition of Bahru Stainless Sdn Bhd, which is the only stainless-steel mill in Malaysia, from Acerinox S.A., at a purchase consideration of USD 95 million.”
