PETRONAS Chemicals Group Berhad (PCG) announced that it has completed the acquisition of Da Vinci Group B.V, widely known as BRB, after fulfilling the conditions required in the share purchase agreement to complete the acquisition of 100% of the shares in Da Vinci.
With the completion of the acquisition, Da Vinci has become PCG’s wholly-owned subsidiary with immediate effect. This acquisition marks PCG’s first foray into specialty chemicals.
Da Vinci Group B.V. is a private limited liability company, incorporated in the Netherlands with global operations involving own-brand reselling, formulating and manufacturing of silicones, lube oil additives, and chemicals.
Commenting on the acquisition, PCG Managing Director/Chief Executive Officer, Datuk Sazali Hamzah said: “I am pleased that we have completed the acquisition of Da Vinci. It provides a compelling entry point for PCG to grow into silicones business and enhance its competitive position in attractive end-markets such as personal care, construction, paints and coatings, electronics, automotive and healthcare, particularly in the Asia Pacific region.”
“Venturing into specialty chemicals beyond existing assets allows us to diversify our product portfolio and future-proof our business”, he said.
PETRONAS Chemicals Group Berhad is the leading integrated chemicals producer in Malaysia and one of the largest in Southeast Asia. It operates a number of world-class production sites, which are fully vertically integrated from feedstock to downstream end-products. With a total combined production capacity of 12.8 million tonnes per annum (tpa), it is involved primarily in manufacturing, marketing and selling a diversified range of chemical products, including olefins, polymers, fertilisers, methanol and other basic chemicals and derivative products. Listed on Bursa Malaysia and with three decades of experience in the chemicals industry, PCG was established as part of the PETRONAS Group to maximise value from Malaysia’s natural gas resources.