HALONG

Chememan Public Company Limited (CMAN) has announced that on November 20, 2019, the company had completely acquired 80% stake of the Vietnamese business, HA LONG QN LIME COMPANY LIMITED (HALONG). On July 19, 2019, the Board of Directors had approved CMAN’s wholly-owned subsidiary, NORTHMAN Co., Ltd. (NORTHMAN), to invest in HALONG in Vietnam by purchasing 80% portion of the capital contribution from the existing owners. On 28 July 2019, NORTHMAN and the existing owners of HALONG had entered into the Capital Contribution Transfer Agreement with required conditions precedent to be fulfilled by the contract parties. CMAN stated that the total investment shall not exceed THB 928.5 million. CMAN, through NORTHMAN, and the existing owners of HALONG had fulfilled all requirements in the conditions precedent under the Capital Contribution Transfer Agreement. As such, NORTHMAN had made payment to the existing owners in accordance with the agreement on 20 November 2019, which entitle NORTHMAN to become the owner of 80% portion of the capital contribution of HALONG. The company aims to be the world’s leading lime producer. The production capacity expansion to appropriate locations both in Thailand and overseas enables CMAN to expand the customer base into new markets, bringing along continuous revenue. In addition, the production capacity expansion to Vietnam shall help to increase the distribution centers for more efficient logistics management, with target customers located in East Asia, and ASEAN countries, leading to transportation cost savings.