Corporate digest

Jardine Matheson

JARDINE Matheson's acquisition of Jardine Strategic will proceed as planned, following approval by shareholders of Jardine Strategic at a special general meeting on Monday.

The acquisition, which will become effective on April 14, allows for Jardine Matheson to move ahead with its plans to simplify the parent company structure of the group, it said in an exchange filing on Monday.

The group noted that a number of shareholders in Jardine Strategic had voted against the acquisition. However, Jardine Matheson added that "a large number of shares" that voted against the resolution were held by investors who were not shareholders at the time of the announcement of the acquisition on March 8.

Last month, Jardine Matheson announced plans to acquire the 15 per cent of Jardine Strategic it does not own at US$33 per share, to simplify a decades-old cross-holding structure.

Jardine Strategic shares closed at US$32.90 on Monday, down 0.4 per cent; Jardine Matheson shares rose 0.2 per cent to US$64.37 before the announcement.

International Cement Group

MAINBOARD-LISTED International Cement Group (ICG) has announced that its subsidiary Sharcem has entered into a sale and purchase agreement to acquire cement-related assets in Kazakhstan on an "as-is" condition.

In an exchange filing on Monday, ICG - a cement producer with operations in Central Asia - said it is acquiring the assets from Kazakhcement and Development Bank of Kazakhstan.

The purchase consideration of around 7.07 billion Kazakhstan tenge (S$22.1 million) will be payable in two cash instalments. The amount will come from internal sources and third party financing, ICG said.

ICG said the proposed acquisition presents an "attractive opportunity" for the group to establish a stronger foothold in Central Asia, where demand for cement remains strong.

ICG's shares fell 1.8 per cent or 0.1 Singapore cent on Monday to close at 5.6 cents, before the announcement.

Tee International

MAINBOARD-LISTED Tee International's net loss widened to S$6.4 million for its third quarter ended Feb 28, from a S$4.1 million loss during the same period a year earlier, it said on Monday.

The higher net loss came as revenue fell by more than half to S$46.7 million for the three months, from S$100.6 million a year earlier. The company said this was mainly due to substantial completion of a major project and slowdown of project progression due to Covid-19.

During the quarter, the group also reported a gross loss of S$2.1 million, mainly due to its engineering and construction segment, Tee International said. However, it noted that its environmental business and rental income from its investment properties remain "stable, healthy and have positive contribution to the group".

Tee International shares fell 2.1 per cent or 0.1 Singapore cent on Monday to close at 4.6 cents before the announcement.