Ancom Nylex drops RM77.04 million Maxlive stake disposal
The company and Thailand's Topnext are discussing a separate strategic collaboration to pursue petrochemical business opportunities.
Ancom Nylex Bhd has abandoned a deal to sell Topnext International Company Ltd up to 50% of Maxlive Sdn Bhd for RM77.04 million, after the parties could not settle certain transaction terms.
In a filing with Bursa Malaysia on Nov 4, the chemicals group said both sides had agreed to cancel the disposal. It said retaining the stake would preserve its flexibility over the businesses concerned and existing arrangements, including distribution partnerships.
Ancom Nylex will forgo the potential sale proceeds, but said it did not expect a material effect on gearing, earnings per share or net assets per share for its financial year to May 31, 2027.
The parties are instead discussing a strategic collaboration agreement aimed at exploring opportunities in petrochemicals. Topnext is a subsidiary of Thai Oil Public Company Ltd, part of Thailand's state-owned PTT Public Company Ltd energy group.
The original non-binding term sheet, signed in December 2025, valued the proposed stake disposal at US$18.64 million. It provided for Topnext to buy 25% initially for US$9.32 million, with a further 25% available at the same price through a call option. Maxlive is an investment holding company created for an internal restructuring.
Ancom Nylex shares ended trading on Nov 4 unchanged at 82 sen, giving the group a market value of RM943 million.
