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“For exposure, we prefer integrated players such as Kuala Lumpur Kepong Bhd and IOI over purer upstream players, as earnings of integrated players tend to be better insulated amidst the volatile palm product price trend,” HLIB said.(File pic shows KLK plantation)

SINGAPORE: Malaysian plantation giant Kuala Lumpur Kepong Bhd is considering raising its stake in British chemicals company Synthomer Plc as it looks to further expand its specialty chemicals business globally, two sources told Reuters.

Kuala Lumpur Kepong is talking with at least one financial adviser to explore potentially boosting its 26.3% stake in Synthomer, said the sources with knowledge of the matter.

The stake purchase could comprise primary and secondary shares, the sources added, asking not to be identified because the information is private. It is not immediately clear whether it will acquire a controlling stake.

The Malaysian company is the largest shareholder of Synthomer, which has a market capitalization of $604.1 million, according to Refinitiv data. The second biggest shareholder is UBS Asset Management (UK) with a 5.01% stake, followed by M&G Investment Management with 4.99%, the data show.

Kuala Lumpur Kepong declined to comment. Synthomer did not respond to a request seeking comment outside of London working hours.

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Kuala Lumpur Kepong is one of the largest oil palm and rubber companies in Malaysia with a current market value of $4.78 billion, according to Refinitiv data.

It has about 300,000 hectares of planted area for both oil palm and rubber with the land bank spreading across Malaysia, Indonesia and Liberia, according to its website. It diversified into resource based manufacturing in the 1990s.

A larger stake could further expand Kuala Lumpur Kepong's specialty chemicals business and raise the earnings contribution from Synthomer, the sources said.

The London-listed company contributed equity profit totaling 260.6 million ringgit ($54.93 million) to Kuala Lumpur Kepong in the fiscal year ended September 30, 2021 , according to the Malaysian firm's latest annual report.

Synthomer has been expanding aggressively with the aim of becoming a leading global supplier and maker of polymers. Last year, it acquired the adhesive resin business of U.S.-based Eastman Chemical Company for $1 billion.

Shares of Synthomer have dropped 71.6% in the year to date, Refinitiv data show. - Reuters


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