Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 12): Petronas Chemicals Group Bhd (PCG) has completed its acquisition of Perstorp Holding AB for RM7.31 billion.

In a statement on Wednesday (Oct 12), PCG said the acquisition was completed on Tuesday, and that Perstorp is now its unit.

PCG in May signed a securities purchase agreement with Financière Forêt S.à.r.l, a company under PAI Partners, a European private equity firm, to acquire the entire equity interest in Perstorp, a sustainability-driven global specialty chemicals company based in Sweden.

PCG managing director and chief executive officer Mohd Yusri Mohamed Yusof said the acquisition is part of its stepping-out strategy, creating a new platform for growth in the specialty chemicals industry.

“It also goes beyond earnings potential. Perstorp is a strategic fit with similar values and a talented workforce who are experts in the industry,” he said.

Meanwhile, Perstorp president and CEO Jan Secher said the company is thrilled to explore the opportunities that can be unlocked by working closely with PCG.

“This will accelerate the next phase of growth, and further strengthen us as a leading specialty chemicals company,” he added.

At the midday break on Wednesday, PCG had shed 0.23% or two sen to RM8.57, with 1.91 million shares traded.

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