sinochem-to-buy-singaporelisted-gmg-global

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 Coast and has rubber processing facilities in the Ivory Coast and Indonesia. The two majority shareholders, GMG Holding HK and Panwell, which collectively own 60.71% of the Singapore-listed firm, have agreed to sell enough shares...
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