Hextar Kimia Sdn Bhd entered into a term sheet to acquire Propel Chemicals Sdn Bhd from Propel Global Berhad, Rancak Nikmat Sdn. Bhd. and Wiramas Baiduri Sdn. Bhd. for MYR 16.5 million on September 14, 2023. Hextar Kimia Sdn Bhd signed an agreement to acquire Propel Chemicals Sdn Bhd from Propel Global Berhad, Rancak Nikmat Sdn. Bhd. and Wiramas Baiduri Sdn. Bhd. for MYR 16.5 million on October 27, 2023. The purchase consideration of MYR 16.5 million shall be paid by Hextar Kimia to Propel Global Berhad, Rancak Nikmat Sdn. Bhd. and Wiramas Baiduri Sdn. Bhd under the a definitive share sale agreement in the following manner: (a) MYR 1,650,000 shall be paid to the Vendor?s solicitors (as stakeholders) upon the execution of SSA as deposit; and (b) the balance of MYR 14,850,000 shall be paid to Hextar Kimia?s solicitors (as stakeholders) within 7 days from the unconditional date. The term sheet is subject to the signing of a definitive share sale agreement (?SSA?) within 1 month from the date of the term sheet and completion of legal and financial due diligence. Barring any unforeseen circumstances, the Disposal is expected to be completed by November 2023. The proposed acquisition is not subject to the approval of Hextar?s shareholders or any regulatory authorities. RHB Investment Bank Berhad acted as financial advisor for Propel Global Berhad.

Hextar Kimia Sdn Bhd completed the acquisition of Propel Chemicals Sdn Bhd from Propel Global Berhad, Rancak Nikmat Sdn. Bhd. and Wiramas Baiduri Sdn. Bhd. on November 3, 2023.