Annica to acquire stake in new owner of waste tyre pyrolysis plant in Malaysia
Catalist-listed Annica Holdings on Monday morning said it
has entered into a non-binding memorandum of understanding (MOU) to acquire an
approximately 25.79 per cent interest in Green Pluslink Sdn Bhd (GPL), which is
the new owner of a waste tyre pyrolysis plant located at Tanjong Malim, Perak,
West Malaysia.
Annica said it will pay up to S$4.2 million for the GPL
shares in a mixture of issuance of ordinary shares in Annica and promissory
notes, depending on the structure to be agreed between the parties under a
definitive agreement.
At the same tine, Annica announced the mutual termination of
an agreement for Annica to acquire 49 per cent of Horizon Greentech Resources
Sdn Bhd. GPL acquired the Perak plant and its 15 production lines from HGR
shareholders, after HGR underwent an internal restructuring.
The company said the proposed GPL acquisition continues to
be in line with the corporate strategy of the group to diversify its business
to include the recycling, renewable and green technology business.
Annica said GPL will relocate and operate its existing three
waste tyre pyrolysis production lines out of the Perak plant, to achieve better
economies of scale in its operations.
Ann Williams
26 March 2018
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