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GMG Global, a subsidiary of China's Sinochem International Corporation, on Friday said its parent is currently in discussions with Halcyon Agri on a potential strategic transaction involving the combination of Halcyon Agri, interests in GMG Global and certain rubber-related assets of Sinochem International.
Shares of GMG and Halcyon Agri have made clear gains in recent days, which Sinochem said in a now-public letter to GMG would be "undesirably speculative in nature".
"Relevant parties continue to engage one another on terms of the potential transaction, and are not in any position to make a definitive announcement of these terms nor provide any indicative timing of the potential transaction."
GMG Global announced this in response to a query by the Singapore Exchange.