PETALING JAYA: Hextar Global Bhd has entered into a share sale agreement with with a related party, Hextar International Group Sdn Bhd to to acquire 99.91% equity interest in Indonesia-based PT Agro Sentosa Raya (PTASR) for RM10.2mil cash.

       “The acquisition of shares into PTASR will position the company to take full advantage of future growth in agrochemical and agrochemical production especially in emerging markets such as Asean.

       “PTASR holds a wide range of internationally recognised ISO certification that will elevate the reputation and quality assurance of the products manufactured,” Hextar said in a filing with Bursa Malaysia.

       It added that the proposed acquisition would enable the company to further expand its operational facilities and into the growing agrochemical industry where this would allow the company to direct future development of new products, cost savings and improve margins for the company.

       “The consolidation of PTASR is expected to contribute positively towards the company’s revenue and earnings upon the completion of the proposed PTASR acquisitions,” it said.

       PTASR, founded in 2004, has been involved in the chemical business in Indonesia for over 15 years.

       Its principal business includes formulation, mixing and repacking of chemical specialty applications as well as logistic service to assist customers distribute their products.