International Cement (SGX:KUO) agreed to acquire a 12.5% stake in Sharcem for $15 million, to increase its stake in the Kazakhstan-incorporated company to 87.5%, according to a Friday filing with the Singapore Exchange.
The acquisition of the stake is expected to be completed by Aug. 31.
The cement plant owned by Sharcem in East Kazakhstan has an annual production capacity of 1 million metric tons of cement.
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