Singapore-based Green Esteel is set to acquire a 50.1% controlling stake in Malaysia's Southern Steel for MYR 315.9 million ($72.13 million), as announced by Southern Steel. Upon approval, Southern Steel will become a subsidiary of Green Esteel. To comply with public shareholding requirements, Southern Steel will also offer a 10.18% stake to investors. The company has an annual production capacity of 150,000 metric tons at its manufacturing facilities in Klang and Prai, Malaysia.