Dissecting Khazanah s Silterra divestment thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
KUALA LUMPUR: Khazanah Nasional Bhd has accepted the bid by Dagang Nexchange Bhd (DNeX) to acquire the entire stake of its loss-making wafer foundry Silterra Sdn Bhd but the question remains is the price tag.
In a statement to Bursa Malaysia on Monday, DNeX said the national sovereign wealth fund had accepted the bid last Friday.
“Acceptance of the bid is still subject to strict confidentiality with Khazanah and no further details of the bid can be publicly disclosed until the signing of the definitive agreement, ” it said.
DNeX said it would make the necessary announcements on a timely basis in accordance with the Listing Requirements when there is any material development or when the definitive agreement has been entered into.
A consortium led by Dagang NeXchange Bhd has won the bid to acquire semiconductor fabricating company SilTerra Malaysia Sdn Bhd from Khazanah Nasional Bhd.
(DNeX), which ventured into the oil and gas (O&G) business following the 2014 oil market collapse, intends to use the current market conditions to its advantage.
By leveraging the very same company it wanted to dispose of two years ago, DNeX hopes to ride on the expected recovery in crude oil prices through asset acquisitions and increased production. Just a week earlier, the group proposed to purchase an additional 60% stake in Ping Petroleum Ltd, an upstream O&G company with eight producing oil wells in the North Sea, United Kingdom, at a 40% discount to market valuation.
Via this company, DNeX plans to acquire more marginal oil fields in the North Sea, Malaysia and within the region, from oil majors exiting such assets. It is noteworthy that DNeX announced a plan in 2019 to sell its 30% stake in Ping at a valuation of at least RM250mil. However, the group made a U-turn a year later and said it wanted to instead have a majority interest in Ping.
Bidders explain role in Silterra sale saga thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.