HEXTAR GLOBAL BERHAD has entered into a Share Sale Agreement to acquire the entire equity interest in Propel Chemicals Sdn Bhd fro RM16.5 million.
PCSB is principally involved in the manufacturing, trading, and distribution of Specialty Chemicals as well as the provision of environmental chemical services to the Oil and gas industry. The Purchase Consideration was determined after taking into account, the net asset value and the prospects of PCSB. Barring any unforeseen circumstances, the Proposed Acquisition is expected to be completed in the last quarter of 2023.
Commenting on the acquisition, Executive Director Encik Rayburn Azhar Ali said “The Proposed Acquisition is another step that allows us to further expand our Specialty Chemicals business in the O&G sector. PCSB owns a licensed chemical storage
and refilling facility spread over 5 acres of land in Kemaman that will triple the current capacity of ours. The additional capacity will enable us to expand our specialty chemical repacking business which is currently limited by our existing capacity”.
