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2020.01.22
Xinhua: Cedar Holdings bought out Stemcor



DAVOS, Switzerland,  Jan. 21 (Xinhua) -- Cedar Holdings, a China's commodities group signed a SPA with Stemcor, an international steel and raw material trader on 21 January during the 2020 World Economic Forum Annual Meeting. The SPA sees Cedar Holdings purchased 100% share capital of Stemcor.


Founded in 1997, Cedar Holdings has its headquarters in Guangzhou. It ranked 301st on the 2019 Fortune Global 500. Founded in 1951, Stemcor has its headquarters in London, with business operations covering 30 countries and regions. It reported $1.927 billion in total revenue in 2018.


King Cheung, Chairman of the Board of Cedar Holdings told the reporters from Xinhua that acquiring Stemcor is key to Cedar's business development. This will improve Cedar's international supply chain and sales network, accelerating its globalization drive. King Cheung also added that this purchase would present great synergy potential, enriching Cedar's ferrous metal industrial chain and the categories of its products.


Steve Graf, CEO of Stemcor told the reporters:" I have worked with China's companies for 30 years. The investment from China is very reliable." He expected that the investment from Cedar Holdings will expand Stemcor's business scope and lead to business growth.


The 2020 World Economic Forum Annual Meeting was held in Davos between 21 January and 24 January 2020, centering on theme of "Stakeholders for a Cohesive and Sustainable World".


Sources from: Xinhua


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