General Announcement::Joint-Venture and Acquisition of an Indirect Subsidiary in Kazakhstan
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Korcem to establish 1 5Mt/yr Korday cement plant in Zhambyl
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Sharcem set to acquire plant from Kazakhcement 14 April 2021
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.
Sharcem to buy Kazakh cement assets from Kazakhcement and Development Bank of Kazakhstan Written by Global Cement staff
13 April 2021
Kazakhstan: Sharcem, part of Singapore-based International Cement Group (ICG), plans to acquire US$16.3m-worth of cement assets in Kazakhstan. The Business Times newspaper has reported that the sellers are Kazakhcement and the Development Bank of Kazakhstan. Kazakhcement currently operates the 1.0Mt/yr Shar plant in Charsk, East Kazakhstan. ICG said that the opportunity presented an ‘attractive’ foothold in the growing Central Asian market. The acquisition is scheduled for completion by 31 May 2021 once the conditions of the sales and purchase agreement are finalised.