Moneycontrol
Jan 11, 2017 10:06 AM IST IST | Source: Moneycontrol.com

Chembond Chem up 7%, to acquire additional 49% in Malaysian JV

"On January 10, the company has entered into a share purchase agreement (SPA) to acquire additional 49 percent of the equity shares of I Chembond Water Sdn Bhd, Malaysia from I-Chem Solution Sdn Bhd, Malaysia," as per BSE release.

Moneycontrol Bureau

Shares of Chembond Chemicals added nearly 7 percent intraday Wednesday as it is going to acquire additional stake in its Malysian JV.

"On January 10, the company has entered into a share purchase agreement (SPA) to acquire additional 49 percent of the equity shares of I Chembond Water Sdn Bhd, Malaysia from I-Chem Solution Sdn Bhd, Malaysia," as per BSE release.

"Post fulfilment of all the necessary terms, conditions & requirements as mentioned in the SPA, the company would hold 100 percent of equity share capital of I Chembond Water Sdn Bhd, Malaysia," it added.

Further, pursuant to the fulfilment of the terms of the SPA, the JV agreement with I-Chem Solution Sdn Bhd, Malaysia stands terminated.

At 09:54 hrs Chembond Chemicals was quoting at Rs 206.50, up Rs 0.50, or 0.24 percent on the BSE.

Posted by Rakesh Patil

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