Sinochem to buy Singapore-listed GMG Global
A subsidiary of China's Sinochem is to acquire a controlling interest in the rubber plantation company for $198 million.
Sinochem International Overseas has launched a tender offer to acquire 51% of GMG Global at an outlay of S$267.98 million $198 million.
The buyer is a wholly-owned subsidiary of Shanghai-listed Chinese state-owned enterprise Sinochem International Corp, which is involved in trading and manufacturing of chemicals, plastics, rubbers and metallurgy products. Sinochem is offering S$0.26 per share for GMG Global and is seeking to acquire 1.03 billion shares.
GMG Global owns and operates rubber plantations in Cameroon and the Ivory...
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