OM Holdings Limited’s 100% owned subsidiary, OM Materials (S) Pte Ltd has completed the acquisition of the remaining 25% interest in OM Materials (Sarawak) Sdn Bhd and OM Materials (Samalaju) Sdn Bhd.
OMS entered into a conditional share purchase agreement with Samalaju Industries Sdn Bhd, a wholly owned subsidiary of Cahya Mata Sarawak in June 2022, with all conditions precedent satisfied on 15 September 2022. The acquisition was funded through a combination of existing cash reserves, private bond issuances, and operating cash flows for a total cash consideration of US$120 million less the aggregate amount of Shareholders’ Loans.
Commenting on the completion of the Acquisition, Mr Low Ngee Tong, Executive Chairman and Chief Executive Officer of OMH said “This transaction marks a key milestone in our journey and is an important part of the company’s strategy to continue re-investing in the Sarawak smelter plant and will allow us to be more agile and decisive in our growth plans. We thank CMS for their past contributions as partners in this project during its development.”
OMH now owns 100% of the equity interest in both OM Sarawak and OM Samalaju through OMS.
