CBIP buys remaining 30% of Gulf Lubes Malaysia

In Malaysia, the Edge Markets reports CB Industrial Product Holdings paid $ million to buy the remaining 30% of biofuels producer Gulf Lubes Malaysia from three shareholders who held 10% each. GLM had been suffering from shareholder disagreements since mid-2020 but with CBIP now owning 100% of the company, it plans to move forward with strategic integration of the company as a wholly owned subsidiary. GLM owns two plants that produce a total of 350,000 metric tons of palm oil-based biodiesel annually.