The consideration will be paid in cash in three installments; US$5 million on or before Sept 30, US$7 million on or before Oct 31 and US$5 million on or before March 5, 2023. The amount was arrived at based on arm’s length negotiations, and on a “willing-buyer and willing-seller” basis, taking into account internal five-year cash flow projections of Sharcem. The consideration will be satisfied by the group from internal sources.
International Cement Group has further acquired a 15% stake in Sharcem, a cement plant and the group’s subsidiary in the Republic of Kazakhstan, for a total consideration of US$17 million ($23.8 million).
The acquisition of the additional 15% of shares was conducted via a sale and purchase agreement (SPA) on Sept 22 between International Cement Shar, the wholly-owned subsidiary of the group, and Nurzhan Shakirov.
