BUSINESS

MALAYAN CEMENT TO BUY ENTIRE CEMENT, READY-MIXED CONCRETE BIZ FROM YTL CEMENT FOR RM5.158 BLN

12/05/2021 10:50 PM

KUALA LUMPUR, May 12 -- Malayan Cement Bhd (MCB) has proposed to acquire the entire equity interest of 10 companies and their respective subsidiaries which are involved in cement and ready-mixed concrete businesses in Malaysia from YTL Cement Bhd for RM5.158 billion.

MCB is 76.98 per cent-owned by YTL Cement, and both parties had entered into a conditional share sale and purchase agreement today.

In a filing with Bursa Malaysia today, MCB said the proposed acquisition would pave the way for the consolidation of the cement and ready-mixed concrete businesses of MCB group with YTL Cement’s cement and ready-mixed concrete businesses in Malaysia.

“It aims to rationalise and streamline the operations and also significantly reduce recurrent related party transactions between the MCB group and YTL Cement.

“It will also enable the group to expand its cement and ready-mixed concrete businesses by acquiring the cement and ready-mixed concrete businesses of the acquiree companies,” it said.

MCB said the proposed acquisition is expected to contribute positively to the future earnings and cash flows of the enlarged group. 

“Barring any unforeseen circumstances, the proposals are expected to be completed by the third quarter of 2021,” it said.

-- BERNAMA



 


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