ICG aspires to emulate Switzerland’s Lafarge-Holcim, Germany’s Heidelberg-Cement Group and China’s Anhui Conch Cement — listed cement companies with significant shares in the markets where they operate.
SINGAPORE (Apr 22): The listed entity once known as Compact Metal Industries has pivoted from a struggling aluminium parts maker into a cement producer called International Cement Group. ICG plans to set up cement plants across parts of the developed world. By the end of the current financial year ending Dec 31, 2019, it expects to own stakes in three plants with a combined capacity of 3.4 million tonnes per year.
To fund this growth, ICG will need more capital. For now, it has no firm plans to tap the market, as it is still on the lookout for suitable projects. This is likely to change, however. “You can’t expand without public funds; to depend on your own funds would be wholly insufficient,” says chairman Ma Zhaoyang in an interview with The Edge Singapore.
