Southern Steel Jumps 30% After Hong Leong Said to Mull Sale (1)

Southern Steel Bhd.surged by a record after people familiar with the matter said Hong Leong Group, a conglomerate controlled by billionaire Quek Leng Chan, is considering selling its majority stake in the unit and seeking a valuation of as much as $200 million.

The Malaysian company is working with advisers on the planned divestment of its 70% stake in the Kuala Lumpur-listed arm, the people said. A deal could value Southern Steel between $100 million to $200 million, the people said. At the top of the range, it would be more than double the firm’s current market ...