(June 24 15:51) Sbr.com.sg
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) has rejected cement producer International Cement Group’s (ICG) proposed acquisition of SCHWENK Namibia for $141.45m (US$104.41m), a filing with the local bourse revealed.
After the Singapore Exchange Securities Trading (SGX-ST) classified the proposed acquisition as a ‘very substantial acquisition’ (VSA) under Chapter 10 of the listing manual, the buy was subject to the approval of the market regulator and shareholders of ICG.
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