Singapore-based manganese and silicon metals company OM Holdings (OMH) has made a $120m offer to take over the remainder of its Malaysian subsidiaries OM Sarawak and OM Samalaju.

The firm will purchase the remaining 25% stake from its joint venture (JV) partner Samalaju Industries (SISB), a unit of Cahya Mata Sarawak (CMS).

Currently, OM Holdings holds a 75% stake in its Malaysian subsidiaries through its fully owned subsidiary OM Materials (OMS).

OM Sarawak owns a ferrosilicon and manganese alloy smelter in Sarawak, on the north-west coast of Malaysia.

This smelter has a production capacity of around 250,000tpa to 300,000tpa of manganese alloy and around 200,000tpa to 210,000tpa of ferrosilicon.

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OM Samalaju, on behalf of OM Sarawak, develops and manages selected capital projects.

The acquisition forms part of OMH Group’s efforts to invest in ferroalloy smelting, building on the success of the smelter facility in Sarawak.

OMH executive chairman and CEO Low Ngee Tong said: “We appreciate the past contributions by our partner, Cahya Mata Sarawak Berhad, to the Sarawak Project.

“Together with our recent secondary listing in Bursa, Malaysia, this transaction marks a key milestone in our journey and complements the wider OMH strategy of growing our Sarawak smelter and becoming the leading supplier of ferroalloys globally – building significant value for all shareholders.”

The deal consideration is subject to final settlement. It includes the discharge of all shareholders’ loans and their interests as of 31 March 2022.

On or before 30 May 2022, OMS and SISB agreed to negotiate and sign a definitive agreement via a share purchase agreement (SPA).

Upon completion of the transaction, OM Sarawak and OM Samalaju will be 100% owned by OMH.