Batu Kawan Berhad made an offer to acquire the remaining 43.7% stake in Chemical Company of Malaysia Berhad for approximately MYR 230 million.
As of December 1, 2020, the Board of Directors of Batu Kawan Berhad has extended the offer to the persons acting in concert with Batu Kawan Berhad (PACs), in order for Batu Kawan Berhad to consolidate its interest in Chemical Company of Malaysia Berhad. The offer is conditional on completion of the agreement and is not conditional upon any minimum level of acceptance. As of December 21, 2020, PAC's confirmed that they intend to accept the offer. If Batu Kawan Berhad receives acceptance from 90% shareholders, then it will acquire the remaining shares via compulsory acquisition. As of January 15, 2021, Kawan Berhad has received acceptances for 92.14% shareholders. As of January 7, 2021, the independent advisor along with Board of Directors of Chemical Company of Malaysia Berhad recommended its shareholders to accept the offer. Completion is expected in first quarter of 2021. As of December 28, 2020, the offer will remain open for acceptance till January 18, 2021. As on January 15, 2021, the offer has been extended to February 2, 2021. CIMB Investment Bank Berhad acted as financial adviser for Batu Kawan Berhad in the offer. DWA Advisory Sdn Bhd acted as fairness opinion provider to Chemical Company of Malaysia in the transaction. Boardroom Share Registrars Sdn Bhd acted as registrar for Batu Kawan Berhad.