Malaysian conglomerate to acquire major stake in CTRM

This story is sourced from Pro
See more Pro news »

Malaysia's ministry of finance will sell its stake in aerostructures supplier Composites Technology Research Malaysia (CTRM) to a subsidiary of Malaysian industrial conglomerate DRB-Hicom.

The acquisition of the 97% stake is valued at M$298 million ($96.3 million), and is subject to due diligence and certain terms and conditions agreed to by the two parties, says DRB.

The remaining 3% of CTRM is held by state-owned petroleum company Petronas.

CTRM is primarily involved in developing and producing composite aircraft components and also has other subsidiaries serving the defence and automotive industries. It is a major supplier to Boeing, Airbus and Eurocopter.