Mainboard-listed Jurong Cement Limited (JCL) said it has received a rival offer for its assets.
It said YTL Cement Singapore, a controlling shareholder of JCL, wants to buy the property, plant and equipment of JCL’s wholly owned subsidiary – Jurong Cement Bulk Terminal.
YTL is offering S$50m for Jurong Cement Bulk Terminal. The bid is higher than the S$11 million takeover offer made by Holcim Investments Singapore.
JCL is a subsidiary of Holcim.
YTL said it is making an offer as it believes Holcim’s bid is not a true reflection of Jurong Cement Bulk Terminal’s fair value.
JCL said its Board is now in the process of reviewing the proposal.