Sinochem International to Acquire 51% Interest in GMG   

On July 11th, Sinochem International Co., Ltd. announced its wholly-owned unit Sinochem International (Overseas) Pte Ltd. plans to launch a tender offer to acquire a 51% interest or 1.031 billion ordinary shares, in GMG Global Ltd, a rubber plantation owner and operator, from GMG Holding (HK) Ltd and Panwell (Pte) Ltd, for 0.26 Singapore dollar (US$0.191) in cash per share or a total value of S$267.932 million (US$197.067 million). The transaction was subject to shareholders' and regulatory approvals.
   GMG Global is a Singapore-based plantation group focusing on long-term investments in Africa and Asia. The company is an integrated producer of natural rubber engaged in the planting and processing of natural rubber. It operates in four countries: Singapore, where it maintains its corporate headquarters and marketing/sales arm; Cameroon, where its wholly owned subsidiary, GMG International, SA owns a 90% stake in Hevecam, which owns an industrial rubber plantation on a land concession of 40 000 hectares; Ivory Coast, where its 51.2% subsidiary, Tropical Rubber Cote d'voire owns and operates a processing facility and a rubber plantation on a land concession of 1 511 hectares (Anguededou Plantation), and South Kalimantan, Indonesia, where its 51% subsidiary, PT Bumi Jaya, owns and operates a 30 000 t/a processing facility.
   Sinochem International is a 64.35% owned subsidiary of Sinochem Corporation. Sinochem International is a leading natural rubber operator and seller in China, focusing on the planting, processing ands sales of natural rubber. Its domestic shares were listed in Shanghai Stock Exchange in 2000, with a stock code of 600500.
   With the acquisition, Sinochem International will enhance its leading position as a natural rubber provider in the global market and raise its profit ability.