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Singapore-based International Cement Group (ICG) has incorporated a new subsidiary in Kazakhstan. Sharcem will be 60 per cent owned by the group’s direct subsidiary, International Cement Shar Pte, and 40 per cent owned by Nurzhan Shakirov.
Sharcem has subsequently entered into a sale and purchase agreement (SPA) with Kazakhcement and the Development Bank of Kazakhstan for the sale of a cement plant and related assets in the country. The total consideration of the agreement is KZT7.07bn (US$16.3m).
The acquisition of the assets is expected to increase the group’s total cement capacity by 1Mta to 4Mta in total and is due to be completed by 31 May 2021.
Published under Cement News
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