Australia-listed OMH completes buyback of OM Sarawak, OM Samalaju
KUCHING (Dec 7): Australia-listed minings form OM Holdings Ltd (OMH) via its fully owned subsidiary, OM Materials (S) Pte Ltd (OMS) has completed the acquisition of the remaining 25 per cent interest in OM Materials (Sarawak) Sdn Bhd (OM Sarawak) and OM Materials (Samalaju) Sdn Bhd (OM Samalaju).
This comes as OMS entered into a conditional share purchase agreement with Samalaju Industries Sdn Bhd, a wholly owned subsidiary of Cahya Mata Sarawak (CMS) in June 2022, with all conditions precedent satisfied on Sept 15, 2022.
The acquisition was funded through a combination of existing cash reserves, private bond issuances and operating cash flows for a total cash consideration of US$120 million less the aggregate amount of Shareholdersí Loans (refer to previous ASX announcements dated May 5, 2022; May 31, 2022; June 14, 2022; Sept 15, 2022; and Nov 25, 2022.
Commenting on the completion of the acquisition, OMG executive chairman and chief executive officer Low Ngee Tong said, “This transaction marks a key milestone in our journey and is an importantpart of the companyís strategy to continue re-investing in the Sarawak smelter plant, and will allow us to be more agile and decisive in our growth plans.
“We thank CMS for their past contributions as partners in this project during its development.”
OMH now owns 100 per cent of the equity interest in both OM Sarawak and OM Samalaju through OMS. -Source: The Borneo Post