Lee Metals

Lee Metals: Sells remaining 15% stake in 2 companies to their majority shareholder, a Mr Fajar Suhendra for $17.3m. The two companies PT Indoferro and PT Indocoke were incorporated to operate a blast furnace and coking plant for the production of steel products. Co is of the view both the furnace and plant are taking considerably longer than planned and will be in the best interests of co to divest. Book value of the investments was approx $14.6m.