BRC (SGX:BEC) entered into a non-binding term sheet with Southern Steel and its subsidiary Southern Steel Mesh, according to a filing with the Singapore Exchange on Tuesday.
Under the agreement, Southern Steel has agreed to sell an undisclosed number of shares in Southern Steel Mesh that will take the company's controlling stake in the subsidiary to more than 50%.
Southern Steel Mesh is engaged in the business of manufacturing and sales and marketing of steel products has has four manufacturing plants in Malaysia.
The proposed acquisition is part of the company's strategy to diversify its revenue streams.
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