International Cement extends deadline to buy Africa cement producer

INTERNATIONAL Cement Group (ICG) has extended, by six months, the long stop date to fulfil the closing conditions of its proposed US$104.4 million purchase of African cement producer Schwenk Namibia.

The long stop date has been extended to Jan 31, 2020 from July 31, 2019.

This follows the Singapore Exchange's decision to reject the acquisition as Schwenk was not profitable and International Cement did not have sufficient cash to pay for the deal.

Beyond the extension, all the other terms and conditions of the proposed acquisition remain unchanged, said the company.

The company added it will continue to engage with the bourse and work towards obtaining its approval for the acquisition.

Watch-list stock International Cement traded unchanged at S$0.037 as at 1.01pm.