Ancom Nylex Berhad, a leading chemical group in Southeast Asia, has announced a strategic move to sell up to 50% of its equity interest in Maxlive Sdn Bhd to Thailand’s TOPNEXT International Company Limited for $18.6m. This transaction aims to consolidate Ancom Nylex’s industrial chemical distribution and tank farm businesses under Maxlive, enhancing operational efficiency and market reach.
Maxlive, a wholly-owned subsidiary of Ancom Nylex, will integrate six subsidiaries into its structure as part of the restructuring. These include Perusahaan Kimia Gemilang Sdn Bhd, Ancom Kimia Sdn Bhd, Dynamic Chemical Pte Ltd, Ancom Nylex Terminals Sdn Bhd, One Chem Terminal Sdn Bhd, and CKG Chemicals Pte Ltd. The partnership with TOPNEXT, a subsidiary of Thai Oil Solvent Company Limited, is expected to leverage complementary strengths and expand regional opportunities.
Executive Vice Chairman of Ancom Nylex, Siew Ka Wei, stated, “This Proposed Transaction comes at an opportune time as the Group adopts a more forward-looking and strategic approach in navigating the softer conditions currently seen in the industrial chemical sector.” He added that the consolidation would create a more cohesive and agile operating structure, enhancing the group’s ability to respond to customer needs and pursue growth initiatives.
The proceeds from the transaction will be used for working capital, debt repayment, and general corporate purposes. Ancom Nylex will retain control over Maxlive, ensuring its financial results remain consolidated within the group’s financial statements. The definitive agreements are expected to be finalised soon, with terms mutually agreed upon by both parties.
