SINGAPORE (Reuters) -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. It is not immediately clear whether it will acquire a controlling stake.
How investors reacted the prime minister's comments on the airwaves.
The company now expects its full year earnings before interest, taxes, depreciation and amortization to be 10%-15% lower than its previous expectations, it said in a trading statement. Synthomer has been saddled with a high inventory of medical gloves post the pandemic, with reduced demand. "Whilst underlying end-customer demand for medical gloves remains similar to pre-pandemic levels, the destocking impact is not expected to abate before the end of 2023," Synthomer added.