Quick take: Petchem rises 3.3% in active trade

KUALA LUMPUR: PETRONAS CHEMICALS GROUP BHD (PetChem) rose over 3.3% iin early trade Tuesday on the back of its entry into specialty chemicals.

PetChem gained 3.37%, or 25 sen to RM7.66 with 2.11 million shares, making it one of the top gainers on Bursa Malaysia. In the past one year, the counter has fallen some 16.24%.

PetChem has completed the acquisition of Dutch firm Da Vinci Group BV, marking PetChem’s maiden entry into specialty chemicals.

Following the completion of the acquisition, Da Vinci is now a wholly-owned subsidiary of PetChem.

Da Vinci is involved in own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.

PetChem managing director and CEO Datuk Sazali Hamzah said the acquisition of Da Vinci provides a compelling entry point for PetChem 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 Asia-Pacific.

Source: TheStar