CMS increases stake in OM Sarawak Project

On 26 March 2015, CMS announced that its wholly-owned subsidiary, Samalaju Industries Sdn Bhd (SISB), entered into a Share Sale Agreement with OM Materials (S) Pte. Ltd. (OMS) for the purchase of an additional 5% equity interest in the Ferrosilicon and Manganese alloys smelting project in Samalaju Industrial Park (SIP).

Under the terms of the Share Sale Agreement, the consideration payable by SISB to OMS for this transfer was USD18.45 million and CMS’ effective interest in the project is 25%; OMS’s effective interest is 75%. The purchase of the additional equity interest reflected CMS’ special focus in businesses that are part of the Sarawak Corridor of Renewable Energy (SCORE), and the Group’s confidence in this smelting project.