International Cement fails to get SGX nod for US$104.4m acquisition of African firm

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THE Singapore Exchange (SGX) has rejected International Cement Group’s (ICG) US$104.4 million proposed acquisition of Schwenk Namibia, said the watch-listed cement producer in a bourse filing on Monday morning. Read more at The Business Times.

Under Rule 406, the directors and executive officers should have the appropriate experience and expertise to manage the business, and the directors, management and controlling shareholders need to have the character and integrity expected of a listed issuer. The applicant’s board must also have at least two non-executive directors who are independent, and must establish an audit committee, a nominating committee, and a remuneration committee.

The issuer must also appoint a “competent and independent” valuer to value the target business, according to Rule 1015. Meanwhile, Part IX of Chapter 4 states requirements for the sponsor to observe a moratorium on the transfer or disposal of all their interests in the securities of the issuer. Part XII sets out additional listing requirements for mineral, oil and gas companies.

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