| Description |
The Company was incorporated on 27 November 1973 under the name SsangYong
Cement (S) Pte Ltd. It was originally formed as a joint venture between
SsangYong Cement Industrial Co Ltd of South Korea, Afro-Asia Shipping Co (Pte)
Ltd and The Development Bank of Singapore Ltd. It was converted into a public
limited company on 31 May 1983 and assumed its present name.
It started commercial production of cement under the SsangYong trade mark on 1
October 1976. In 1993, the Company formed two joint venture companies in
Shanghai and Zhejiang province, China to produce cement and cement-related
products. Five more joint ventures were formed in 1994, four in China and one
in Myanmar.
In 1994, SsangYong moved into the IT business such as computer
network/connectivity, network security and associated Internet products. In
1998, it moved into property development with a 190-apartment residential
development in Central London. In 2000, the Group incorporated two new
companies for venture capital investments. The companies are posied to invest
in startup companies in telecommunications infrastructure and potentially high
growth sectors such as the life sciences.
As the year 2002 draws to a close, the Company marks the beginning of a new
chapter, witnessed by the ending the Singapore-Korea partnership over the
Company’s 30-year history. Afro-Asia Intl Enterprises Pte Ltd acquired 19.8
million ordinary shares (or 25.64 percent) from Ssangyong Cement Industrial Co
Ltd and subsequently made a mandatory cash offer for shares not owned by
Afro-Asia Intl Enterprises Pte Ltd or parties acting in concert with at $1.05
per share.
Additional info from SGX:
The Company was incorporated on 27 November 1973 under the name SsangYong
Cement (S) Pte Ltd. It was originally formed as a joint venture between
SsangYong Cement Industrial Co Ltd of South Korea, Afro-Asia Shipping Co (Pte)
Ltd and The Development Bank of Singapore Ltd. It was converted into a public
limited company on 31 May 1983 and assumed its present name.
It started commercial production of cement under the SsangYong trade mark on 1
October 1976. In 1993, the Company formed two joint venture companies in
Shanghai and Zhejiang province, China to produce cement and cement-related
products. Five more joint ventures were formed in 1994, four in China and one
in Myanmar.
In 1994, SsangYong moved into the IT business such as computer
network/connectivity, network security and associated Internet products. In
1998, it moved into property development with a 190-apartment residential
development in Central London. In 2000, the Group incorporated two new
companies for venture capital investments. The companies are posied to invest
in startup companies in telecommunications infrastructure and potentially high
growth sectors such as the life sciences.
As the year 2002 draws to a close, the Company marks the beginning of a new
chapter, witnessed by the ending the Singapore-Korea partnership over the
Company’s 30-year history. Afro-Asia Intl Enterprises Pte Ltd acquired 19.8
million ordinary shares (or 25.64 percent) from Ssangyong Cement Industrial Co
Ltd and subsequently made a mandatory cash offer for shares not owned by
Afro-Asia Intl Enterprises Pte Ltd or parties acting in concert with at $1.05
per share.
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