SMJ Sdn Bhd entered into a Heads of Agreement to acquire 25% stake in Petronas Chemicals Fertiliser sabah Sdn. Bhd from PETRONAS Chemicals Group Berhad.

SMJ Sdn Bhd entered into a Heads of Agreement to acquire 25% stake in Petronas Chemicals Fertiliser sabah Sdn. Bhd from PETRONAS Chemicals Group Berhad (KLSE:PCHEM) on January 9, 2023, As on April 25, 2023 SMJ SDN. BHD.

entered into share purchase agreement with PETRONAS Chemicals Group Berhad to acquire 25% stake in Petronas Chemicals Fertiliser sabah Sdn. Bhd The consideration of the Divestment is MYR 1,246 million which is based on the net book value of plant, property and equipment of PCFS as at Financial Year Ended (FYE) 31 December 2022. The consideration is payable on a deferred payment arrangement.

Completion of the Divestment is expected to be in 2023, subject to conditions precedent in the agreement being met.Barring any unforeseen circumstances, the Divestment is expected to be completed by the end of the second quarter 2023.