Saint-Gobain Malaysia Sdn. Bhd. (“Saint-Gobain”) has entered into a conditional share sale purchase agreement with Hong Leong Industries Berhad (“HLI”) on 14 June 2023 to acquire the entire issued share capital of Hume Cemboard Industries Sdn. Bhd. (“HCBI”), a leading manufacturer of cement boards for façades, partitions, and ceilings in Malaysia, for an estimated RM 79.5 million.
 
The two manufacturing plants of HCBI located in Petaling Jaya and Kanthan, Perak respectively (except the ADC3 cutter installed in the Petaling Jaya plant), as well as two pieces of land in Kanthan were excluded from the deal and will be sold to a related corporation(s) of HLI.
 
According to the press release by Saint-Gobain’s Paris headquarters, the acquisition “perfectly complements our existing offering, in particular of plasterboard in Malaysia”. Furthermore, the acquisition is “in line with Saint-Gobain's strategic plan, "Grow & Impact" which aims to both strengthen the Group’s leadership and accelerate its growth by enriching its range of solutions for light and sustainable construction”.
 
The deal is expected to be completed in the third quarter of 2023.
 
Skrine acted as the legal counsel to Saint-Gobain in the transaction. The lead transaction lawyers are Partner Sheba Gumis (Corporate M&A Practice Group) and Senior Associate Francine Ariel Paul (Corporate M&A Practice Group), who were assisted by Partners Jesy Ooi and Sara Lau, Senior Associates Engy Tan and Tiw Joe Yee, and Associates Eo Shao Dong, Faith Chan and Laura Anastasia Kurian.

Announcements and media coverage of the transaction can be accessed at:
 
Saint-Gobain Press Release dated 14 June 2023
HLI Announcement dated 14 June 2023
Saint-Gobain In Deal To Buy Malaysia's Hume Cemboard Industries, Markets Insider, 15 June 2023
Saint-Gobain In Deal To Buy Malaysia's Hume Cemboard Industries, RTTNews, 15 June 2023
Saint-Gobain to Acquire Hume Cemboard Industries, Cementing Position in Malaysian Construction Market, EuropaWire, 15 June 2023
Hong Leong Industries to Dispose Wholly-Owned Unit to Saint-Gobain Malaysia, Bernama, 14 June 2023
Hong Leong Industries to exit fibre cement board business, New Straits Times, 14 June 2023.
Hong Leong Industries to dispose of wholly-owned unit to Saint-Gobain Malaysia, The Star Online, 14 June 2023.