KUALA LUMPUR: Ancom Bhd has made an offer to buy all assets and liabilities of Nylex (Malaysia) Bhd for RM179.3 million or equivalent to RM1 per Nylex share.
At the moment, Ancom owns 90.13 million shares or 50.27 per cent stake in Nylex.
In a filing with Bursa Malaysia today, Ancom said it had submitted the proposal to Nylex.
Yesterday, both Ancom and Nylex stocks were suspended from trading "pending the release of a material announcement".
Ancom said the acquisition would enable the group to obtain full control of all Nylex's assets and businesses in industrial chemicals, polymer and chemical logistics divisions.
"It will provide greater flexibility for Ancom to plan and decide on the business strategy of these businesses after the completion of the proposed acquisition," it added.
Ancom said 70 per cent of its revenue for the financial year 2020 was contributed by the industrial chemicals division, which was undertaken solely by the Nylex Group.
"The proposed acquisition is also in line with the intention of Ancom to establish a fully integrated chemical group," it said.
Upon completion of the proposed acquisition, Ancom said it would continue to hold 50.27 per cent stake in Nylex.
It said the continued listing of Nylex on the Main Market of Bursa Malaysia was dependent on Nylex's ability to formulate and submit a regularisation plan.
"With the continued listing of Nylex, it will provide an opportunity for Ancom to participate in the business and prospects of the Nylex Group after Nylex has acquired a new core business," Ancom said.