Oleochem Analytics – Sime Darby Plantation and PTTGC International have divested their 100% collective interest in the Asia Pacific business of Emery Oleochemicals and Emery Specialty Chemicals to Edenor Technology for RM38 million.
Emery Oleochemicals, Emery Specialty Chemicals and their subsidiaries are a 50:50 joint venture between Sime Darby Plantation and PPTGC International.
Sime Darby Plantation said in a filing on August 19 with Bursa Malaysia that the divestment is conditional upon the restructuring of Emery Group into separate standalone groups in respect of its Asia Pacific business, and the North America and Europe business.
Post restructuring, Emery Group’s Asia Pacific business will remain under Emery Oleochemicals and Emery Specialty Chemicals.
The North America and Europe businesses held under Emery Oleochemicals UK will be transferred out from Emery Oleochemicals to be held directly by Sime Darby Plantation and PTTGC International on a 50:50 basis.
Edenor Technology is a 50:50 joint venture company between Mega First Corporation and 9M Technologies for the purpose of undertaking the proposed acquisition.