Samchem sells stake in Vietnam unit, acquires Malaysian subsidiary

PETALING JAYA: Samchem Holdings Bhd has disposed its investment in a subsidiary in Vietnam and acquired a subsidiary in Malaysia.
In a filing with Bursa Malaysia, the company said its 70%-owned subsidiary Samchemsphere Export Sdn Bhd (SESB) has completed the disposal of 167,500 shares valued at RM2.92 million in Sam Chem Sphere Joint Stock Company (SCSJSC).
The disposal of shares to Dennis Ho Chin Chye, satisfied by cash, reduces the company's holding to 63.25% of the total issued and share capital of SCSJSC.
SCSJSC was incorporated in Vietnam and is principally involved in the distribution of industrial chemicals.
In a separate filing, the company said it has completed the acquisition of 30% equity interest in SESB from Ho, for RM4.19 million cash, resulting in the company holding 100% of the total issued and paid-up share capital in SESB.
SESB is principally involved in the export of intermediate and specialty chemicals. The consideration will be funded by internally generated funds.
Samchem's share price rose 0.64% to close at 78.5 sen with a total of 625,400 shares traded, giving it a market capitalisation of RM206.72 million.