Green Esteel, a Singapore-based steel firm, is poised to become the largest shareholder of Malaysian steelmaker Southern Steel. The company has entered a conditional subscription agreement to acquire 752.1 million new shares at MYR 0.42 each, totaling MYR 315.86 million ($71.53 million). This acquisition will give Esteel approximately 50.10% ownership of Southern Steel, which will then operate as a subsidiary of Esteel and an associate of Hong Leong Manufacturing Group. Additionally, Southern Steel plans a private placement of up to 152.74 million shares to raise further capital for plant upgrades and working capital, aiming for completion by Q1 2025.