International Cement to acquire African company for US$104.4m
It says having a commercially operational plant, as opposed to building a new one, will eliminate project risk
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INTERNATIONAL Cement Group is acquiring Schwenk Namibia Pty Ltd for US$104.4 million in cash, comprising US$19.3 million for all its shares, and another US$85.1 million for the purchase of its loans.
The firm entered into a conditional sale and purchase agreement with vendor Schwenk Zement International Gmbh & Co Kg to acquire a 100 per cent stake in Schwenk Namibia Pty Ltd, it said on Monday. The company intends to fund the proposed acquisition through third party financing or borrowings, it added.
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