In the end of the last year, Annica Holdings – a company from Singapore – announced an update to its acquisition of Malaysian tire recycling business. Company representatives said Annica’s $4.2 million acquisition of a 49% stake in Horizon Greentech Resources, which was due for completion shortly before 2018, has been delayed for another three months.

Earlier in 2016, the group announced its intentions to diversify into the business of tire recycling by acquiring Horizon Greentech from two individuals, Kok Mun Keong and Awang Ahmad Sah. The company runs a plant in Perak, Malaysia, which has a total of 15 production lines. More information on the former announcement can be found here.

In the end of December 2017, Annica explained that the vendors would “require more time to obtain certain regulatory licenses” related to Horizon Greentech for the purposes of the acquisition.

As such, both Annica and the vendors have mutually agreed to extend the long stop date for completion of the acquisition to March 23, 2018, from Dec 23, 2017 previously.

The group emphasises that all other terms in the agreement remain fully valid and in force, save for the extension of the long stop date.

Article: The Edge Singapore