WSC unit to acquire 100% equity in Matures Holding

KUALA LUMPUR: Wah Seong Corp Bhd’s (WSC) indirect wholly-owned unit, Wasco Coatings Germany GmbH (WC Germany), has signed an agreement with Mutares AG to acquire 100% equity interest in Mutares Holding-16 AG (MH-16) for 19.50 million euros (RM91.46mil).

In a filing with Bursa Malaysia, WSC said the acquisition would enable WC Germany to use the existing plant and machinery in Mukran, Germany to perform its pipe-coating activities for the purposes of the Nord Stream 2 Project.

It said the Nord Stream 2 was a planned pipeline through the Baltic Sea which would transport natural gas over 1,200km from the worlds largest gas reserves.

“WC Germany is involved in the pipe-coating services for the oil and gas industry and trading of all associated goods and services while MH-16 is a stock corporation incorporated under the German law and based in Weissenfels, Germany,” the company said in the statement. – Bernama

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