International Cement Group (ICG) plans to acquire cement-related assets in Kazakhstan for a cash consideration of KZT 7.07 billion ($22.11 million).

In a filing to the Singapore Exchange (SGX) dated April 12, ICG announced that its wholly-owned subsidiary International Cement Shar has incorporated a subsidiary in Kazakhstan in which it owns a 60% stake.

The remaining 40% stake is owned by Nurzhan Shakirov, a Kazakhstan citizen and the local partner for ICG’s existing cement plant in Kazakhstan, Alacem.

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