The Singapore Stock Exchange (SGX) has rejected International Cement Group’s (ICG) proposed acquisition of Schwenk Namibia, according to a stock exchange filing.
SGX also ordered ICG to conduct pre-deal anti-money laundering due diligence on the source of funds for any future major transactions or very substantial acquisition. It also asked ICG’s audit committee and the board to put in place adequate and effective systems of internal controls and risk management systems.
