Camellia Metal Co., Ltd. (GTSM:2064) and Liang-Hsien Hsiao made an offer to acquire Pt. Wz Steel from WZ Satu Berhad (KLSE:WZSATU) and WZS Industries Sdn. Bhd. for $0.5 million on December 13, 2015. Under the terms of the transaction, Camellia Metal and Hsiao paid $0.25 million on December 13, 2015 and shall pay remaining $0.25 million upon execution of share purchase agreement. Camellia Metal Co., Ltd. (GTSM:2064) and Hsiao, Liang-Hsien entered into a share purchase agreement to acquire Pt. Wz Steel from WZ Satu Berhad (KLSE:WZSATU) and WZS Industries Sdn. Bhd. for $0.5 million on February 24, 2016. If any party terminate the transaction then such party need to pay 10% of the total consideration as termination fees. For the year ended August 31, 2015, Pt. Wz Steel had turnover of MYR 5.5 million ($0.1.32 million), loss before tax of MYR 1.17 million ($0.28 million), loss after tax of MYR 1.22 million ($0.29 million) and total liabilities of MYR 0.43 million ($0.10 million).

The transaction is subject to obtaining approval from Badan Koordinasi Penanaman Modal (BKPM) and Ministry of Law and Human Rights of the Republic of Indonesia (MOLHR). The purchasers must within 30 days of the completion of the agreement forward a copy of notarial deed of the restatement of the shareholders resolution of PTWZ to the Ministry of Law and Human Rights approving inter alia the transfer of the sale shares to the purchasers and the change of board of directors and the board of the commissioner of PTWZ. The disposal is expected to be completed by the second quarter of 2016. The proceeds from the disposal will be utilized to enhance the Group's working capital requirements and provide financial flexibility for future business opportunities.

Camellia Metal Co., Ltd. (GTSM:2064) and Liang-Hsien Hsiao completed the acquisition of Pt. Wz Steel from WZ Satu Berhad (KLSE:WZSATU) and WZS Industries Sdn. Bhd. on April 6, 2016.