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News Borneo Oil to enlarge Makin Teguh stake to 60%

Borneo Oil to enlarge Makin Teguh stake to 60%

Written by Global Cement staff 31 October 2022
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Malaysia: Borneo Oil has entered into a conditional share sale agreement with Makin Teguh's 45% owner Global 2332 to enlarge its stake in the cement company by 31%, to 60%. Borneo Oil has proposed a private placement to raise US$11.3m towards funding the US$21.2m deal. It previously completed a US$4.65m shares issue on 26 October 2022. Bernama Daily Malaysian News has reported that Makin Teguh plans to commence operations at its 220,000t/yr Sabah integrated cement and clinker plant in early 2023. It owns two limestone mines, with total reserves of 14.4Mt.

Last modified on 02 November 2022
Published in Global Cement News
Tagged under
  • Malaysia
  • Borneo Oil
  • Acquisition
  • Stake
  • Shares
  • Makin Teguh
  • Global 2332
  • Deal
  • Finance
  • Limestone
  • mine
  • Plant
  • Clinker
  • GCW581

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