AYS Ventures (KLSE:AYS) unit Ann Yak Siong (Singapore) will sell its 74% stake in steel products firm Steelaris to CosmoSteel for total consideration of SG$5.2 million, according to a Thursday Bursa Malaysia filing.

The consideration will be paid in SG$1.8 million in cash and 13.5 million new CosmoSteel shares.

Proceeds will be used for working capital, including repayment of trade creditors and procurement of goods, said the company.