INTERNATIONAL Cement Group (ICG) has extended, by six months, the long stop date to fulfil the closing conditions of its proposed US$104.4 million purchase of African cement producer Schwenk Namibia.

THE Singapore Exchange (SGX) has rejected International Cement Group's (ICG) proposed US$104.4 million purchase of Schwenk Namibia for failing to meet certain thresholds relating to a very substantial acquisition (VSA), said the watch-listed cement producer on Monday.

SGX also ordered ICG to conduct pre-deal anti-money laundering due diligence on the source of funds for any future major transactions or very substantial acquisition. The post SGX rejects International Cement Group’s proposal to buy Namibian firm appeared first on DealStreetAsia.

ICG will settle this acquisition in cash through third-party financing or borrowings. The post SG-listed International Cement Group to buy Namibian firm for $104m appeared first on DealStreetAsia.

Submitted By:  Arianna Danganan Case Study:  No The proposed acquisition failed to meet the requirements of a VSA under rule 1015(2). The Singapore Exchange (SGX) h...

THE Singapore Exchange (SGX) has rejected International Cement Group’s (ICG) US$104.4 million proposed acquisition of Schwenk Namibia, said the watch-listed cement producer in a bourse filing on Monday morning.

INTERNATIONAL Cement Group (ICG), formerly Compact Metal Industries, has raised S$3.6 million through the placement of 80 million shares at S$0.045 apiece to an individual investor Wu Xinghui after the Singapore Exchange (SGX) gave conditional in-principle approval for the deal on Wednesd...

THE following companies saw new developments that may affect trading of their shares on Friday:

INTERNATIONAL Cement Group (ICG), formerly Compact Metal Industries, is looking to set up more cement plants in Central Asia, Africa and South-east Asia, targeting especially regions that benefit from China's Belt and Road initiatives.

INTERNATIONAL Cement Group is acquiring Schwenk Namibia Pty Ltd for US$104.4 million in cash, comprising US$19.3 million for all its shares, and another US$85.1 million for the purchase of its loans.