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Steel Hawk Unit Signs Over MYR1 Million Deal for 55% Stake in Sparksfly

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Steel Hawk (KLSE:SKHAWK) unit Steel Hawk Manufacturing has agreed to subscribe for a 55% stake in engineering and oil and gas services company Sparksfly for 1.1 million ringgit in cash.

The transaction involves the subscription of 611,112 new shares in Sparksfly, which will become an indirect subsidiary of Steel Hawk upon completion, according to a Thursday Malaysian bourse filing.

Steel Hawk will fund the subscription through internally generated funds.

The proposed subscription is expected to be completed in the third quarter, it said.

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