SGX-ST rejects International Cement's planned purchase of African firm for $141.45m

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. read more