GrabSteel secures US$100 million equity facility from White Lion Capital

Malaysian steel distributor GrabSteel has entered into definitive agreements for a committed equity facility of up to US$100 million with White Lion Capital LLC, a multi-strategy family office based in the United States. This marks the first outside equity commitment in the company’s history.

The capital is intended to fund the development of Matcon, a construction materials platform designed to digitize a Southeast Asian market valued at over US$220 billion annually. The platform aims to modernize a sector that currently relies heavily on manual processes, such as phone calls, paper notes, and relationship-based credit.

The agreement is subject to several conditions, including GrabSteel’s listing on a United States exchange. Under the facility’s structure, White Lion Capital will purchase shares in tranches at the company’s election, allowing GrabSteel to access capital incrementally as Matcon grows.