Ancom Nylex completes acquisition of 25% stake in Ancom-Chemquest Terminals

Ancom Nylex managing director and group CEO Lee Cheun Wei

KUALA LUMPUR: Ancom Nylex Bhd has completed the acquisition of a 25%-equity interest in Ancom-Chemquest Terminals Sdn Bhd (ACT) for RM4mil cash.

In a statement, the integrated chemical group said its wholly owned subsidiary, Synergy Tanker Sdn Bhd acquired the stake from Chemquest Sdn Bhd.

ACT is primarily involved in the business of chemical tank farm and warehouse, which it builds, owns, operates, leases, and manages.

It currently owns 48 tanks, equivalent to 44,100 cubic meters of tank storage capacity in West Port, Klang, Selangor.

Ancom Nylex’s 34%-owned subsidiary, Ancom Logistics Bhd (ALB) has an effective 51% ownership of ACT, and as such gives Ancom Nylex an effective 17%-stake of ACT.

With the completed acquisition, the group now has an effective interest of around 42% of ACT.

The group is in the process of finalising the proposed acquisition of the remaining 24%-stake of ACT from its Thai partners for RM3.8mil cash.

Upon the completion of the proposed acquisition, Ancom Nylex will ultimately have an effective 66% ownership of ACT.

Ancom Nylex managing director and group CEO Lee Cheun Wei said the increased ownership allowed the group the flexibility to improve and scale, as it aims to achieve higher operational efficiency moving forward.

“In the meantime, the proposed acquisition of a further 24%-stake in the chemical tank farm business will eventually increase our interest to 66%. This is in line with the group’s overall consolidation plan, as we strive to become a major integrated chemical group in the Asia Pacific region,” he added.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

Tiong Nam sees higher demand for for logistics, warehousing services in FY23
Leong Hup returns to the black, 3Q net profit at RM67.31mil
Malakoff 3Q net profit jumps 53.4% to RM66.5mil
IHH 3Q profit falls to RM252mil on exceptional items, financial reporting adjustments
Ringgit reverses gains against US dollar on profit-taking
Boustead net profit jumps to RM99.6mil in 3Q
Press Metal 3Q net profit grows 11.5% to RM315.8mil
Genting Malaysia misses Macau licence
Celcom 3Q22 Patami up 65.3% at RM856mil
Kerjaya Prospek's construction segment to drive revenue growth

Others Also Read