Batu Kawan said: “Batu Kawan has no immediate plans to dismiss or make redundant the employees of the CCM group as a direct consequence of the offer. “Nevertheless, as with any organisation, Batu Kawan may from time to time review the human resources requirements of CCM to improve the efficiency of its operations and businesses and/or to optimise staff productivity of the CCM group.” PETALING JAYA: Batu Kawan Bhd has issued an offer document for the unconditional mandatory takeover offer for all shares in Chemical Co of Malaysia Bhd (CCM) that it does not own. In a filing with Bursa Malaysia, Batu Kawan said the offer, which will be at RM3.10 per share, would be open for acceptances until 5pm on Jan 18,2021, unless extended or revised according to the Rules on Take-overs, Mergers and Compulsory Acquisitions. Batu Kawan said the acquisition would provide it with an opportunity to acquire an established chemicals and polymers manufacturer, which would be complementary to the Batu Kawan group and is expected to strengthen its existing activities in the chemical sector with the additional product portfolio and an increased regional market presence. “The acquisition is expected to increase the Batu Kawan group’s market presence as a chlor-alkali chemicals manufacturer. “The CCM group is a leading supplier of chlor-alkali chemicals in Malaysia and the addition of its production capacity and manufacturing facilities will enable the Batu Kawan group to expand its production capacity and to serve more customers.” Batu Kawan added that the acquisition would provide an opportunity to unlock value through the realisation of operational efficiencies in logistics via consolidation of shipment of raw material purchases, distribution to cover a wider geographical reach as well as cost synergies realised from economies of scale. In its filing, Batu Kawan said an independent advice circular would be issued latest by Jan 7,2021, adding that it intended to maintain the listing status of CCM on the Main Market of Bursa Securities unless it received valid acceptances that would result in Batu Kawan and its associates holding in aggregate 90% or more of the shares. Batu Kawan had on Dec 11 completed the purchase of a 56.32% equity interest in CCM from Permodalan Nasional Bhd and Amanahraya Trustees Bhd for RM292.79mil or RM3.10 per share. This raised Batu Kawan’s stake in CCM to about 59.73%. On future plans for CCM and its employees, Batu Kawan said it would continue the existing businesses of the CCM group, which are principally the manufacturing and marketing of chlor-alkali chemicals and polymer chemicals. The company also said it had no immediate plan to introduce any major change to CCM’s existing core businesses, liquidate any of the companies within the group, dispose of any major assets or undertake any major redeployment of the group’s fixed assets. However, Batu Kawan said it may from time to time review strategic options with regards to the businesses or assets of the CCM group and where appropriate, undertake such changes, disposal and/or redeployment as part of the process to rationalise the business activities or direction of CCM. Batu Kawan said this would include any expansion activities, divestment of non-core businesses or monetisation of assets, or to improve the use of resources of the CCM group, with a view that CCM remains competitive, sustainable or viable in the industry and to improve the prospects and growth of CCM. “Batu Kawan has no immediate plans to dismiss or make redundant the employees of the CCM group as a direct consequence of the offer. “Nevertheless, as with any organisation, Batu Kawan may from time to time review the human resources requirements of CCM to improve the efficiency of its operations and businesses and/or to optimise staff productivity of the CCM group.”
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