AIM-listed Biofutures takes over Platinum Nanochem in £80.8m deal

KUALA LUMPUR: Biofutures International Plc, which is listed on Alternative Investment Market of the London Stock Exchange, is taking over Platinum Nanochem Sdn Bhd in an all-share deal valued at £80.8mil (RM391.50mil).

Biofutures is acquiring all the shares of Platinum Nanochem -- which uses nanotehnology to make speciality chemicals and materials from renewable sources -- from several shareholders and Asia BioEnergy Technologies Bhd (ABT). ABT said on Tuesday Biofutures was acquiring the entire issued share capital of Platinum Nanochem, comprising of 73.48 million shares; 4.0 million redeemable convertible cumulative preference shares of 10 sen each and 15 million redeemable convertible cumulative preference shares of RM1 for £80.81mil to satisfied by 1.154 billion new Biofutures shares.