SINGAPORE (Yosefardi) – SGX-listed WE Holdings has entered into a non-binding term sheet to acquire shares in Dragon Cement Co Ltd, Myanmar.
Dragon Cement is engaged in the business of cement production and is majority owned by Nay Win Tun, a Myanmar businessman and chairman of the Ruby Dragon Group.
WE Holdings will purchase 20% shares of Dragon Cement for US$20 million with option to acquire additional 20% shares.
Dragon’s production capacity will be doubled from 400 to 800 tons per day.
PT Semen Indonesia (SMGR) Tbk, the largest cement producer in Indonesia, has earlier announced plans to invest US$200 million for cement production in Myanmar as well.