PNB is said to mull sale of chemical company of Malaysia stake

 Publish date: Thu, 15 Oct 2020, 6:56 PM

Malaysia's largest state asset manager Permodalan Nasional Bhd is weighing the sale of its stake in Chemical Company of Malaysia Bhd (CCM) according to people familiar with the plan. 
The state fund is working with an adviser on the potential sale, said the people, who asked not to be identified as the First round of bids for PNB's stake is due as soon as Friday, one of the people said.
PNB holds a 45.9 per cent stake in the chemicals and polymers products maker, according to data compiled by Bloomberg.
Market value of the stake is RM112 million ($27 million) as of Wednesday's close 
Successful bidder would have to make a general offer to CCM shareholders because of Malaysia's takeover rules, the people said.
Deliberations are at an early stage and PNB could decide not to sell its stake, they said.
A representative for PNB declined to comment. A representative for CCM did not respond to requests for comment. 
CCM reported a net loss of RM709,000 in 2Q versus RM2.99 million net income a year ago, citing weaker chemicals business and asset impairment.
The company says its polymers business improved recently due to surge in demand from glove producers.
Polymers unit saw profit before tax jump to RM5.5 million in 2Q from 4.4 million ringgit a year ago.
 - Bloomberg
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