KUALA LUMPUR (Nov 4): Ancom Nylex Bhd (KL:ANCOMNY) has called off its proposed RM77.04 million disposal of up to a 50% stake in Maxlive Sdn Bhd to Thailand's Topnext International Company Ltd after both parties failed to agree on certain terms of the deal.
In a Bursa Malaysia filing on Wednesday, the chemicals group said it had mutually agreed with Topnext not to proceed with the transaction, which was first announced in December last year.
Ancom Nylex is also involved in the proposed Johor Bahru elevated autonomous rapid transit (e-ART) project, estimated to cost nearly RM7 billion, through its 42.2%-owned subsidiary, Nylex (Malaysia) Bhd. A consortium involving Nylex received government approval in principle for the project in May.
As for the cancelled disposal, Ancom Nylex said the decision would allow it to retain full flexibility over the companies involved and its existing business arrangements, including distribution partnerships.
However, both parties are now in discussions to formalise a strategic collaboration agreement to explore business opportunities in the petrochemical industry.
The cancellation means Ancom Nylex will no longer receive the potential RM77.04 million proceeds from the proposed stake sale. Nevertheless, the company said the decision is not expected to have any material impact on its earnings per share, net assets per share or gearing for the financial year ending May 31, 2027.
In December 2025, Ancom Nylex signed a non-binding term sheet to sell up to a 50% stake in Maxlive — an investment holding company established as part of an internal restructuring — to Topnext for US$18.64 million.
The proposed transaction involved an initial 25% stake sale for US$9.32 million, followed by another 25% at the same price, subject to Topnext exercising a call option.
At the time, Hong Leong Investment Bank said the proposed partnership could strengthen Ancom Nylex's presence in Southeast Asia by leveraging Topnext's regional distribution network.
Topnext is a subsidiary of Thai Oil Public Company Ltd, which is in turn part of Thailand's state-owned energy group PTT Public Company Ltd.
Shares of Ancom Nylex closed unchanged at 82 sen on Wednesday, valuing the company at RM943 million.