Batu Kawan Berhad (KLSE:BKAWAN) made an offer to acquire the remaining 43.7% stake in Chemical Company of Malaysia Berhad (KLSE:CCM) for approximately MYR 230 million on November 17, 2020. Batu Kawan Berhad will acquire 73.2 million shares at MYR 3.1 per share. In related transaction, Batu Kawan Berhad entered into a conditional share purchase agreement to acquire 56.32% stake in Chemical Company of Malaysia Berhad from Permodalan Nasional Berhad and AMANAH Saham Malaysia, Amanah Saham Bumiputera and Amanah Saham Didik, funds managed by Amanah Saham Nasional Bhd for approximately MYR 290 million on November 17, 2020. Batu Kawan Berhad intends to maintain the listing status of Chemical Company of Malaysia Berhad on the Main Market of Bursa Securities unless BKAWAN receives valid acceptances resulting in Batu Kawan Berhad and persons acting in concert with it holding 90% or more of the Chemical Company of Malaysia Berhad Shares.

As of December 1, 2020, the Board of Directors of Batu Kawan Berhad has extended the offer to the persons acting in concert with Batu Kawan Berhad (PACs), in order for Batu Kawan Berhad to consolidate its interest in Chemical Company of Malaysia Berhad. The offer is conditional on completion of the agreement and is not conditional upon any minimum level of acceptance. As of December 21, 2020, PAC's confirmed that they intend to accept the offer. If Batu Kawan Berhad receives acceptance from 90% shareholders, then it will acquire the remaining shares via compulsory acquisition. As of January 15, 2021, Kawan Berhad has received acceptances for 92.14% shareholders. As of January 7, 2021, the independent advisor along with Board of Directors of Chemical Company of Malaysia Berhad recommended its shareholders to accept the offer. Completion is expected in first quarter of 2021. As of December 28, 2020, the offer will remain open for acceptance till January 18, 2021. As on January 15, 2021, the offer has been extended to February 2, 2021. CIMB Investment Bank Berhad acted as financial adviser for Batu Kawan Berhad in the offer. DWA Advisory Sdn Bhd acted as fairness opinion provider to Chemical Company of Malaysia in the transaction. Boardroom Share Registrars Sdn Bhd acted as registrar for Batu Kawan Berhad.

Batu Kawan Berhad (KLSE:BKAWAN) completed the acquisition of the remaining 43.7% stake in Chemical Company of Malaysia Berhad (KLSE:CCM) on February 2, 2021. Up to February 2, 2021, being a date within four months after the making of the Offer by Batu Kawan Berhad, the Offer was accepted by the holders of not less than nine-tenths in nominal value of the Offer Shares. As of February 1, 2021, All conditions precedent to offer had been fulfilled. As of February 5, 2021, Batu Kawan Berhad desires to acquire all the Offer Shares held by the remaining shareholders via compulsory acquisition. As of February 8, 2021, Chemical Company of Malaysia Berhad submitted an application to Bursa Securities for the withdrawal of CCM's listing status from the Official List of Bursa Securities pursuant to Paragraphs 16.07(a) of the Main Market Listing Requirements of Bursa Securities. On March 16, 2021, Batu Kawan Berhad completed the compulsory acquisition of all the remaining CCM Shares held by the Dissenting Shareholders. Following this acquisition, Chemical Company of Malaysia Berhad is now a wholly-owned subsidiary of Batu Kawan Berhad.