KUALA LUMPUR, April 28 — Ancom Berhad has offered to purchase all of Nylex (Malaysia) Berhad's assets and liabilities, increasing its stake in the company.
The Edge reported a source familiar with the plans as saying that a letter of offer has been issued to Nylex's board of directors to purchase 100 per cent of its assets and liabilities.
Ancom is the holding company of Ancom Logistics Bhd (ALB) and Nylex. It owns a 48.95 per cent stake in Nylex, and a 45.06 per cent stake in ALB.
The past three years has seen the group undertake a corporate restructuring exercise aimed at improving efficiency.
The stocks for both Ancom and Nylex were suspended from trading this morning, as the release of a material announcement remains pending.
Ancom's latest closing share price stood at RM1.68 for a market capitalisation of about RM406.16 million while Nylex's latest closing share price stood at 90.5 sen for a market value of about RM162.26 million, prior to the suspension.
Last year Ancom's group executive chairman Datuk Siew Ka Wei was reported as saying that he and his team are using the past three years as time to reset the whole group.
He added that the group's logistics business under ALB and Nylex had not been performing as separate entities. The tentative merger of the two businesses would improve efficiencies and potentially beef up earnings.
Ancom also announced in July last year that a restructuring exercise would take place which will see ALB's logistics business moved to Nylex. The exercise is still ongoing and has yet to be completed.