malaymail.com 28 Apr, 2021 14:15 am

Ancom to be fully integrated chemical group through proposed acquisition

Ancom to be fully integrated chemical group through proposed acquisition
KUALA LUMPUR, April 28 — Leading manufacturer and supplier of agricultural and industrial chemicals in South-east Asia, Ancom Bhd has proposed to acquire all the assets and liabilities of Nylex (M) Bhd for RM179.3 million, translating into RM1.00 per Nylex share. In a statement today, the company...

3 per cent in Nylex, accordingly, the net consideration for the proposed acquisition payable by Ancom will be RM96.Subsequent to the proposed acquisition, Ancom said Nylex will retain RM15 million cash in the company.The proposed acquisition is expected to be completed by the fourth quarter of 2021.Upon completion of the proposed acquisition and proposed distribution, Nylex will be classified as a cash company with no core business.

Accordingly, Nylex will be required to submit a proposal to the Securities Commission Malaysia for its approval to acquire a new core business within 12 months from the date of being classified as a cash company.“The net purchase consideration shall be satisfied via payment of RM50 million in cash, with the balance RM46.

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