International Cement Group (ICG) has cancelled its proposed  US$10.4.4m acquisition of Schwenk Namibia, according to a bourse filing on Monday.

The deal, first announced in March, was cancelled on 27 September 2019. The company had first extended the long stop date by six months to 31 January 2020 from 31 July 2019 to fulfil the deal’s closing conditions, according to The Straits Times. The extension came after the Singpore Exchange rejected the acquisition bid in June as Schwenk was not profitable and ICG did not have sufficient cash to pay for the deal. ICG was also ordered to commission pre-deal anti-money laundering due diligence on the source of funds for any future major transactions or very large acquisitions.