16 · May · 2019
PETRONAS Chemicals Signs SPA to Acquire Da Vinci Group B.V. PCG’s First Foray Into Specialty Chemicals via Acquisition
Kuala Lumpur, May 16 – PETRONAS Chemicals Group Berhad (PCG) has entered into a Sale and Purchase Agreement (SPA) to acquire 100% of Da Vinci from its shareholders including, amongst others, funds managed by Bencis Capital Partner.
Da Vinci Group B.V. is a private-limited liability company, incorporated in the Netherlands with a global operations involving own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.
The completion of the acquisition is subject to fulfilment of certain conditions precedent. The acquisition is PCG’s first foray into specialty chemicals via inorganic growth.
PCG has recently announced its next chapter of growth focusing on future strategic positioning venturing into derivatives and specialty chemicals.
Elaborating on the acquisition, PCG Managing Director/Chief Executive Officer Datuk Sazali Hamzah said, “The acquisition is a strategic entry point for PCG’s specialty chemicals portfolio. The acquisition accelerates the realisation of PCG’s vision to create value by diversifying its product portfolio into differentiated and specialty chemicals.”
He added, “Da Vinci provides a compelling access into the growing silicones business. The acquisition enables PCG to enhance its competitive position in attractive end-markets such as personal care, construction, paints & coatings, electronics, automotive and healthcare, particularly in the Asia Pacific region.”
Upon completion, Da Vinci will become a wholly-owned subsidiary of PCG.
We look forward to diversifying and growing our business into differentiated and specialty chemicals business.
