Ancom Nylex cancels RM77.04 million Maxlive stake disposal

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Ancom Nylex cancels Maxlive disposal

Highlights

Ancom Nylex and Topnext International Company Ltd have cancelled the proposed disposal of up to a 50% stake in Maxlive for RM77.04 million, which was announced last December.
The transaction cancellation is not expected to have a material impact on Ancom Nylex’s earnings per share, net assets per share or gearing for the financial year ending 31 May 2027.
The consortium led by Nylex, in which Ancom Nylex holds a 42.2% stake, has received the government’s in-principle approval for the nearly RM7 billion e-ART Johor Bahru project.

This article was translated from the original. Read the original version by our correspondent here.

Cancellation details and renewed discussions

According to The Edge Malaysia, the chemicals group said in a Bursa Malaysia filing that it and Topnext International Company Ltd had mutually agreed not to proceed with the transaction, which was first announced in December last year.

The proposal involved disposing of up to a 50% stake in Maxlive for RM77.04 million. In December 2025, Ancom Nylex signed a non-binding term sheet to sell up to a 50% interest in Maxlive, an investment holding company established as part of an internal restructuring, to Topnext for U.S.$18.64 million.

The transaction structure involved an initial sale of a 25% stake for U.S.$9.32 million, followed by a further 25% at the same price, subject to Topnext exercising a call option. Following the cancellation, both parties are now discussing finalising a strategic cooperation agreement to explore business opportunities in the petrochemical industry.

Financial impact and business position

The cancellation means Ancom Nylex will no longer receive the potential RM77.04 million proceeds from the proposed stake sale. However, the company said the decision is not expected to have a material impact on earnings per share, net assets per share or gearing for the financial year ending 31 May 2027.

Ancom Nylex said the decision allows it to retain full flexibility over the companies involved and current business arrangements, including distribution partnerships. Topnext is a subsidiary of Thai Oil Public Company Ltd, which is part of Thailand’s state-owned energy group PTT Public Company Ltd.

Ancom Nylex is also involved in the proposed Johor Bahru elevated autonomous rapid transit system project, or e-ART, estimated to cost nearly RM7 billion, through its 42.2% stake in Nylex (Malaysia) Bhd. The consortium involving Nylex received the government’s in-principle approval for the project in May, while Ancom Nylex shares closed unchanged at 82 sen on Wednesday, valuing the company at RM943 million.

In our earlier article on the Amora Serviced Residence in Tampoi, Johor Bahru, we covered the partnership between Astaka Padu Sdn Bhd and Kimlun Corporation Bhd to develop a new residential component with a gross development value of RM450 million within the Amora Park master plan. We also highlighted the project’s scale (617 units across two towers), its launch timeline in late 2026, and signs of market demand, with the shop-office component of the integrated development fully taken up in a short time.

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