Hextar Global to acquire 99.91% equity interest in PT Agro Sentosa Raya (“PTASR”), a company based in Kabupaten Bogor, Jawa Barat, Indonesia, which is engaged in the manufacturing and distribution of agrochemical and specialty chemical products.
Established since 2004, PTASR has been involved in the chemical business in Indonesia its principal business includes formulation, mixing, and repacking of chemical specialty applications as well as logistic service to assist customers distributing their products. The company has recorded growth in its revenue for the past three consecutive financial years from Rp82.6 billion in the financial year ended 31 December 2019 to Rp 102.7 billion for the financial year ended 2021 despite the economic slowdown due to the pandemic.
Hextar views the acquisition to further enhance its position in the regional agrochemical market, the 109,900 or 99.91% of the issued share capital will be estimated to be RM10.2 million based on the Company’s net assets as per its audited financial statements. The buyer will satisfy the stake purchase entirely in cash which will be funded through internally-generated funds.
“The Proposed Acquisition is another step that will allow us to further entrench our business regionally whilst expanding our product range and creating revenue-enhancing synergy. We will gain access to more chemical brand suppliers and enable further development in-house and we are excited to benefit from PTASR’s strength and expertise to build a more solid business base in Indonesia.” said Executive Director, Dato’ Eddie.”
