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TMK Chemical to Acquire Chemical Company of Malaysia in MYR920 Million

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TMK Chemical (KLSE:TMK) has proposed to acquire a 100% stake in Chemical Company of Malaysia (CCM) from Batu Kawan (KLSE:BKAWAN) for 920 million Malaysian ringgit in a cash and share deal, according to a Friday filing with the Bursa Malaysia.

TMK submitted a non-binding letter of intent to acquire 100% of CCM, excluding associate company Orica-CCM Energy Systems and two parcels of land linked to that business.

The cash portion will be funded through proceeds from TMK's public listing in December 2024, bank borrowings, and internally generated funds, while the shares will be issued at 1.9098 ringgit each.

On completion of the transaction, Batu Kawan is expected to hold at least a 20% stake in the enlarged TMK group, making it CCM's second-largest shareholder.

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