@ Halal | July-August . 2022
Local News
Benefitting from growing halal
cosmetic industry Azelis expands personal care footprint in the Asia Pacific with the acquisition of Chemical Solutions Sdn Bhd in Malaysia
AZELIS , a leading global innovation service provider in the speciality chemicals and food ingredients industry , reached an agreement to acquire 100 per cent of the shares of Chemical Solutions Sdn Bhd
( ChemSol ).
ChemSol is a leading distributor of raw materials in the personal care , cosmetics and household markets in Malaysia .
The acquisition strengthens Azelis ’ presence in the domestic market , further reinforcing the group ’ s in-depth coverage of the Asia Pacific region . The addition of ChemSol ’ s extensive and well-known product portfolio , specifically in actives and functional ingredients , significantly expands Azelis ’ lateral value chain for the local Personal Care market .
With this acquisition , Azelis is ideally placed to benefit from Malaysia ’ s growing personal care market , especially in the attractive halal cosmetic industry .
Founded in 2001 , ChemSol ’ s 21 years in the Malaysian market enabled the establishment of a strong network of customers , with the support of globally renowned principals , from its headquarters in Shah Alam . With a dedicated personal care application laboratory , ChemSol is well-positioned to provide innovative solutions to its partners .
Chemsol ’ s entire team of employees will become part of the Azelis family , supporting the business and the integration process . The transaction is expected to close before the end of the third quarter , after fulfilment of customary closing conditions .
Serena Ho , owner and Managing Director of Chemical Solutions Sdn Bhd , commented : “ We are excited about this partnership with Azelis , as joining a well-regarded international player will allow our business to scale up considerably , with more resources and opportunities for growth .
“ We have , over the years , developed
We have , over the years , developed strong relationships with our customers and principals . As part of the Azelis team , we will continue to do our best and stay committed to serving the Malaysian personal care industry as we expand the business together .” – Serena
strong relationships with our customers and principals . As part of the Azelis team , we will continue to do our best and stay committed to serving the Malaysian personal care industry as we expand the business together .”
Laurent Nataf , CEO & President of Azelis Asia Pacific , added : “ ChemSol ’ s strong market presence , comprehensive portfolio and innovation capabilities will greatly enhance Azelis ’ footprint in Malaysia , along with the addition of their experienced and technically competent team .
“ Our complementary business models also allow us to better support our customers and principals , as they will benefit from our combined technical expertise and compelling expanded product offerings .”
Bank Muamalat ’ s RM300m Sukuk Murabaha receives overwhelming response
BANK Muamalat Malaysia Berhad ’ s ( Bank Muamalat ) RM300 million Subordinated Sukuk Murabahah received an overwhelming response from a diversified and broader range of investors during its book-building exercise recently .
The RM300 million Subordinated Sukuk Murabahah is the third series issuance under Bank Muamalat ’ s established RM1 billion 20-year Subordinated Sukuk Murabahah Programme ( 2016 / 2036 ). It qualified as Tier-2 capital under the Bank Negara Malaysia ’ s ( BNM ) Policy Document on Capital Adequacy Framework for Islamic Banks Capital Components ( CAFIB ).
Bank Muamalat President and Chief Executive Officer Khairul Kamarudin said the positive interest in the Subordinated Sukuk Murabahah Programme reflected the market ’ s confidence in the bank ’ s solid fundamentals and strategic direction .
Khairul said : “ Following the increase in the cost of living and higher market price , costs and fees to own a house and further with an extra allocation for deposit to own a house , potential house buyers have put their plans on hold . However , with the SMART Mortgage SJKP scheme , potential house buyers can proceed with their plans to own their first homes .”
The RM300m Subordinated Sukuk Murabahah , issued on 20 July 2022 , was competitively priced at 5.33 per cent during the book-building exercise recently . The book registered a high bid-to-cover ( BTC ) of 2.31 times before settling at 1.85 times over the proposed issue size , including unexpected new investors during the day .
The joint lead managers received diversified orders from various investors , including financial institutions , asset management companies , government agencies , insurance companies , and high net worth investors .
“ The proceeds from the Subordinated Sukuk Murabahah will be utilised for our Islamic banking activities and working capital requirements , thus putting the Bank on a stronger footing for its continued growth ,” said Khairul .
Bank Muamalat is the principal adviser , lead arranger and lead manager together with OCBC Al-Amin Bank Berhad for the Subordinated Sukuk Murabahah Programme . Other joint lead managers include Bank Islam Malaysia Berhad , Maybank Investment Bank Berhad and RHB Investment Bank Berhad .
On a separate note , Khairul also mentioned that recently MARC Ratings has upgraded Bank Muamalat ’ s financial institution ratings to A +/ MARC-1 and concurrently upgraded its rating on the Bank ’ s Islamic Senior Notes Programme ( Senior Sukuk ) of up to RM2b to A + IS , with a stable outlook .
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