PCG’s first foray into specialty chemicals via acquisition

KUALA LUMPUR, May 16 (Bernama) -- PETRONAS Chemicals Group Berhad (PCG) has entered into a Sale and Purchase Agreement (SPA) to acquire 100% of Da Vinci from its shareholders including, amongst others, funds managed by Bencis Capital Partner.
 
Da Vinci Group B.V. is a private-limited liability company, incorporated in the Netherlands with a global operations involving own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.
 
The completion of the acquisition is subject to fulfilment of certain conditions precedent. The acquisition is PCG’s first foray into specialty chemicals via inorganic growth.
 
PCG has recently announced its next chapter of growth focusing on future strategic positioning venturing into derivatives and specialty chemicals.
 
Elaborating on the acquisition, PCG Managing Director/Chief Executive Officer Datuk Sazali Hamzah said, “The acquisition is a strategic entry point for PCG’s specialty chemicals portfolio. The acquisition accelerates the realisation of PCG’s vision to create value by diversifying its product portfolio into differentiated and specialty chemicals.”
 
He added, “Da Vinci provides a compelling access into the growing silicones business. The acquisition enables PCG to enhance its competitive position in attractive end-markets such as personal care, construction, paints & coatings, electronics, automotive and healthcare, particularly in the Asia Pacific region.”
 
Upon completion, Da Vinci will become a wholly-owned subsidiary of PCG.
 
We look forward to diversifying and growing our business into differentiated and specialty chemicals business.

About PETRONAS Chemicals Group Berhad
 
PETRONAS Chemicals Group Berhad (PCG) is the leading integrated chemicals producer in Malaysia and one of the largest in Southeast Asia. It operates a number of world class production sites, which are fully vertically integrated from feedstock to downstream end-products. With a total combined production capacity of 12.8 million tonnes per annum (tpa), it is involved primarily in manufacturing, marketing and selling a diversified range of chemical products, including olefins, polymers, fertilisers, methanol and other basic chemicals and derivative products. Listed on Bursa Malaysia and with three decades of experience in the chemicals industry, PCG is established as part of the PETRONAS Group to maximise value from Malaysia’s natural gas resources.
 
PCG is one of the top 10 companies in the FTSE4Good Bursa Malaysia (F4GBM) Index, out of 200 largest companies ranked by market capitalisation. It is committed to ensuring that its business practices are in line with globally recognised standards for Environment, Social & Governance (ESG) practices.
 
Further details on PCG can be found at www.petronaschemicals.com.my

Source: PETRONAS Chemicals Group Berhad

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Nur Akmal Ahmad
Media Relations
Corporate Affairs & Administration Department
PETRONAS Chemicals Group Berhad
Tel: +(603) 2331 5000 (GL), +(603) 2392 7356 (DL)
Fax: +(603) 2331 3008,
Email: nurakmal.ahmad@petronas.com

--BERNAMA