PETALING JAYA: Lion Forest Industries Bhd, owned by Lion Group, is selling its local tyre manufacturer Silverstone Bhd for RM462mil to Japan’s Toyo Tire & Rubber Co Ltd, as Lion Forest looks to realise and unlock the value in Silverstone and make a gain of RM140mil from the sale.
In a filing to Bursa Malaysia yesterday, Lion Forest said its subsidiary Silverstone Corp Bhd was looking to dispose of its entire stake, or 203.88 million shares of RM1 each in Silverstone. Silverstone has a paid-up capital of RM203.88mil.
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