YTL Cement Bhd, one of the still-profitable cement players on Bursa Malaysia, is spreading its wings to Singapore and China via the proposed acquisition of a 21% stake in Jurong Cement Ltd (JCL).
In a statement to the stock exchange yesterday, YTL Cement said its wholly-owned subsidiary, YTL Cement Singapore Pte Ltd, was acquiring 14%, or 6.2 million shares, of JCL, which is listed on the main board of the Singapore Exchange, from Kindo Pte Ltd, and 7%, or four million shares, from an individual, Andree Halim.
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