Cedar Holdings Group Co Ltd (“Cedar Holdings”), China’s leading supplier of bulk commodities, and Stemcor Global Holdings Ltd (“Stemcor”), a leading global steel trading and distribution company, signed an agreement on January 21 at the World Economic Forum in Davos which will see Cedar Holdings purchase the entire share capital of Stemcor, subject to various approvals.
“Cedar Holdings is dedicated to building a world-leading bulk commodity group. Stemcor has a well-established global marketing network and system, which offers potential synergy with the existing domestic and international business of Cedar Holdings,” said Han Gang, vice president of Cedar Holdings and president of Cedar Commodities Supply Chain Group.
“Supported by Cedar Holdings, Stemcor will be able to develop new business opportunities. The transaction is a win-win result where complementary benefits will emerge,” he added.
Cedar Holdings, headquartered in Guangzhou, capital of South China’s Guangdong Province, is actively expanding its global presence. It ranked 301st on the 2019 Fortune Global 500 with $40.6 billion in total revenue. https://www.cedarhd.com/en/
Stemcor, a privately-held UK-based company, is a global Top 3 independent steel trading company with business operations covering 30 countries and regions. Nearly 20 percent of its business comes from China’s market. https://www.stemcor.com
SOURCE: CEDAR HOLDINGS GROUP