LONDON, UK: Unigel Group plc, a leading producer of fibre optic cable materials, has agreed to buy the remaining 40% stake in its subsidiary Unigel (UK) Limited from Unigel Compounds Sdn Bhd for £1.3 million.
The deal will give Unigel Group full ownership of Unigel (UK), which had revenue of £15.2 million and profit of £0.4 million in 2022. The deal is subject to various conditions, including the approval of the seller’s shareholders and the termination of a contract manufacturing agreement.
The deal will be paid in three instalments by May 2024. The deal will also result in the resignation of two directors of Unigel (UK) and one director of Unigel Inc. The deal aims to support Unigel Group’s growth strategy and simplify its corporate structure.
Eric Chhoa, Chief Executive Officer, commented: “Bringing 100 percent of Unigel under the Group is a milestone for us. It will enable Unigel to focus on improving its cost structure, market reach and bring flexibility for potential diversification in the future whilst simplifying the Group’s corporate structure.”
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