OM Holdings to buy out CMS’ smelting stake

PETALING JAYA: OM Holdings Ltd’s subsidiary OM Materials (S) Pte Ltd has entered into a deal with Samalaju Industries Sdn Bhd, a unit of Cahya Mata Sarawak (CMS) Bhd, that will see the latter exit its investment in the ferrosilicon and manganese alloy smelting complex in Samalaju Industrial Park in Sarawak.

In separate filings with Bursa Malaysia, OM Holdings and CMS said they have inked a binding letter of offer for the latter to sell its entire equity interest in OM Materials (Sarawak) Sdn Bhd and OM Materials (Samalaju) Sdn Bhd to OM Holdings for US$120mil (RM520.72mil).