OM Holdings to buy out CMS’ smelting stake

TheStar Fri, May 06, 2022 07:40am - 1 year View Original


PETALING JAYA: OM Holdings Ltd’s subsidiary OM Materials (S) Pte Ltd has entered into a deal with Samalaju Industries Sdn Bhd, a unit of Cahya Mata Sarawak (CMS) Bhd, that will see the latter exit its investment in the ferrosilicon and manganese alloy smelting complex in Samalaju Industrial Park in Sarawak.

In separate filings with Bursa Malaysia, OM Holdings and CMS said they have inked a binding letter of offer for the latter to sell its entire equity interest in OM Materials (Sarawak) Sdn Bhd and OM Materials (Samalaju) Sdn Bhd to OM Holdings for US$120mil (RM520.72mil).

Accordingly, OM Holdings, a manganese and silicon metals group, would increase its stake in the target companies to 100% from the current 75% while construction group CMS would exit the companies.

“The acquisition is advantageous to the OMH Group and its strategy of investing further in ferroalloy smelting, building organically on the success of the OM Sarawak smelter facility,” said OM Holdings in a statement.

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