Displaying items by tag: Singapore

Namibia: Singapore’s International Cement Group (ICG)’s intended purchase of Schwenk Namibia for US$104m has fallen through. The company stated that it will not buy the subsidiary of Germany’s Schwenk Zement, whose 1.0Mt/yr total integrated capacity consists of Ohorongo Cement’s Walvis Bay plant, over four months ahead of the deal’s long stop date of 31 January 2020. The deal’s deadline had previously been extended from 30 June 2019 following the Singapore Exchange forestalled the deal due to ICG’s inability to pay for the unprofitable company.

Singapore/Namibia: International Cement Group (ICG) has extended the stop date of its agreement to buy Schwenk Namibia by six months to 31 January 2020. It follows the decision by the Singapore Exchange to block the proposed acquisition in June 2019 on the grounds that it did not meet the requirements for a ‘very substantial acquisition.’ ICG announced in March 2019 that it had arranged to buy a 100% stake in Schwenk Namibia for US$104m. Schwenk Namibia owns a 69.8% share of Ohorongo Cement.

Singapore: The Singapore Exchange has blocked the International Cement Group’s (ICG) proposed acquisition of Schwenk Namibia. It said that the transaction did not meet the requirements of a very substantial acquisition (VSA) because the target business was not profitable and because the buyer did not have sufficient cash resources to fund the purchase.

In order to approve the acquisition in the future the exchange requires: that ICG commissions implement anti-money laundering measures on any potential funds for the transaction; that it put into place ‘adequate’ internal controls and risk management systems for any of its operations in Kazakhstan, Tajikistan, Namibia and any other developing country; and that the audit committee uses external auditors.

ICG announced in March 2019 that it had arranged to buy a 100% stake in Schwenk Namibia for US$104m. Schwenk Namibia owns a 69.8% share of Ohorongo Cement.

Europe/Singapore: ZAG International has appointed Daniel Ulestig as Managing Director, Head of Global Shipping and European Business operation. He will have responsibility for all of ZAG’s shipping activities around the world as well as leading the company’s business interests in Europe.

Ulestig started his career as a trainee at Holcim Trading in Madrid, Spain in 1998. In 2003, he joined Belden Shipping as a market analysts and moved to Singapore in early 2004 later becoming its Commercial Director. Belden Shipping was subsequently acquired by Kristian Gerhard Jebsen Skipsrederi of Bergen, Norway in late 2006. In 2008, Ulestig was named Assistant Vice President of KGJC Cement (Singapore), with responsibility for all chartering activities east of the Suez. In 2010, he assumed oversight of the Singapore office and was named to the entity’s board of directors in 2011. In 2014, Ulestig was made Vice President of KGJ Cement in Singapore. He moved back to Sweden in late 2017 where he continued to serve as KGJ Cement’s Vice President Chartering.

Malaysia/Singapore: Switzerland’s LafargeHolcim has signed a deal to sell its 51% stake in Lafarge Malaysia to YTL Cement for US$396m. Lafarge Malaysia operates three integrated cement and two grinding plants. With the divestment, LafargeHolcim will fully exit the Malaysian market. LafargeHolcim has also signed an agreement with YTL Cement Singapore for the divestment of its entire 91% share in Holcim Singapore.

YTL Cement is part of YTL Corporation, a Malaysian infrastructure conglomerate, which is active in cement production, construction, property development and utilities. The deal is expected to be completed within the second quarter of 2019. It is subject to approval by regulatory bodies.

Namibia: The Development Bank of Namibia (DBN) says it will consult the government about its minority stake in Ohorongo Cement following the purchase of a majority share in the cement producer by Singapore’s International Cement Group. International Cement Group acquired a 69.8% share in Ohorongo Cement from Germany’s Schwenk Namibia in March 2019, according to the Namibian newspaper. The DBN said that it originally invested in Ohorongo Cement to promote economic development in Namibia.

Singapore: International Cement Group is planning to build new cement plants in Central Asia, Africa and South-east Asia to complement China’s Belt and Road Initiative. The company, formerly known as Compact Metal Industries, has held a ceremony to mark its listing at the Singapore Stock Exchange, according to the Business Times Singapore newspaper.

The company holds a 65% stake in a 1.2Mt/yr cement plant in Tajikistan. This unit’s production capacity was recently upgraded to 1.35Mt/yr. In mid-2018 it said it was building a new plant in Kazakhstan. This project is scheduled for commissioning by the end of 2019. In late 2018 the group said it had failed to buy a majority stake in a partially-built cement plant at Salamanga in Mozambique. In March 2019 the group agreed to buy a majority stake in Namibia’s Ohorongo Cement from Schwenk Namibia for US$104m.

France: HGH Infrared Systems is expanding its brand name across its subsidiaries around the world. It says it is developing its brand image and communication strategy to suit its position as a global leader in the optronics market as its sales grow. Asia Infrared Systems, HGH’s subsidiary in Singapore, and Electro Optical Industries (EOI), will take on the HGH identity.

In 2016 HGH acquired EOI, a producer of electro optical test equipment based in Santa Barbara, California in the US. HGH’s and EOI’s products include SPYNEL thermal cameras, blackbody sources, integrating spheres, electro-optical test benches, NVD testing solutions and thermographic scanners. They cover the whole spectrum of light from visible to infrared radiation.

‘’By opting for a harmonised universal brand, we are strengthening our corporate culture and our shared commitment across our subsidiaries. This common identity is built upon quality care, customer service and innovation values, and opens door to a dynamic and highly promising future,’ said Thierry Campos, the chief executive officer (CEO) of HGH Infrared Systems.

India/Singapore: Shree Cement has closed down Shree Global, its subsidiary in Singapore. It said it had struck the company off the Registrar of Companies in early March 2019. Previously, the cement producer said that the subsidiary was being used to trade coal, petcoke, minerals, bags and other commodities.

Kazakhstan: A new 1.2Mt/yr cement plant being built at Kerbulak in Almaty region is set to be commissioned in 2019. The joint Kazakh-Singaporean project has an investment of US$145m, according to Kazakh TV. The unit is located close to road and railway links. Once completed the plant is expected to supply the Almaty region and neighbouring regions.