WE Holdings

WE Holdings: The $20m acquisition in Dragon Cement had been further extended from 23 Aug to 22 Sep. This is the second extension for the proposed 20% share acquisition which was originally slated to complete on 16 Aug. The non-binding agreement with Dragon Cement was initially proposed on 16 May, in line with group's intention to diversify and broaden the group’s revenue stream and would allow the group to tap on the growth opportunities from the increased infrastructure development and construction in Myanmar. Dragon Cement is principally engaged in the business of manufacturing cement in Myanmar. With the acquisition, the plant’s production capacity is targeted to double from 400 to 800 tonnes a day. WE intends to fund the proposed 20% stake through its recent rights cum warrants issue.