Kumpulan Powernet enters logistics business with Chemtrax stake

KUALA LUMPUR: Kumpulan Powernet Bhd (KPower) has entered into a share sale agreement (SSA) with Sabaka Group Sdn Bhd (Sabaka) to acquire 2.193 million ordinary shares or 51 per cent stake in Sabaka’s wholly-owned unit, Chemtrax Sdn Bhd (Chemtrax) for a total cash consideration of RM10 million.

Chemtrax, headquartered in Pasir Gudang, Johor, is principally involved in the provision of chemical and gas transportation and forwarding services. Chemtrax has logistics facilities with depots and yards in Pasir Gudang and Simpang Renggam, Johor and Kuantan, Pahang.

Founded in 1998, Chemtrax has over 22 years of experiences handling and specialises in transportation of Hazardous Materials and also specific materials used in nitrile gloves manufacturing between Malaysia and Singapore.

It fleets consist of 93 units of trucks, tanks, prime movers, barrels and trailers to service its clients which are mainly multinational companies with high requirements and safety standards.

“The proposed acquisition is consistent with the vision and intention of the company to explore the logistic segment upon the emergence of the new shareholders a year ago,” KPower group managing director Mustakim Mat Nun expressed.

“Through this acquisition, we can immediately leverage on Chemtrax’s decades of experience, expertise and its existing network with multinational companies to further expand and complements KPower’s and its major shareholders’ activities.”