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Annica eyes diversification into recycling business with $4.2 mil acquisition

Chan Chao Peh Published on Tue, Dec 27, 2016 / 5:35 PM GMT+8

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SINGAPORE (Dec 27): Annica Holdings is set to diversify into the business of recycling tyres by acquiring a 49% stake in Horizon Greentech Resources Sdn Bhd for $4.2 million.

The company is planning to buy this stake from two individuals, Kok Mun Keong and Awang Ahmad Sah, said Annica in a Dec 23 announcement.

Horizon Greentech Resources now runs a plant in Perak, which has a total of 15 production lines. Out of these 15 lines, five are owned by the company.