DAVOS, Switzerland, Jan. 23 (Xinhua) -- China's leading supplier of bulk commodities Cedar Holdings Group Co Ltd ("Cedar Holdings") signed an agreement with the UK-based Stemcor Global Holdings Limited ("Stemcor") on acquring 100 percent equities of the latter on Tuesday .
Photo: Cedar Holdings Group Co Ltd ("Cedar Holdings") signs a share purchase agreement with the UK-based Stemcor Global Holdings Limited ("Stemcor") on Jan. 21, 2020, in Davos, Switzerland.
Cedar Holdings is dedicated to building a world-leading bulk commodity group. Stemcor has a well-established global marketing network and system, which will present 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.
With the aid of Cedar Holdings, Stemcor will be able to create new business models. A win-win results and complementary benefits emerge, he added.
Photo: Zhang Jin, chairman of Cedar Holdings, delivers a speech at the Guangzhou Key Industrial Project Agreement Signing Ceremony on Jan. 21, 2020, in Davos, Switzerland.
Cedar Holdings, headquartered in Guangzhou, capital of south China's Guangdong Province, is known as "the Chinese equivalent of Glencore".It is actively expanding its global presence. It ranked 301st on the 2019 Fortune Global 500 with 40.6 billion U.S. dollars in total revenue.
Founded in 1951, Stemcor, a UK-based company, was a Top 3 global independent steel trading company. With business operations covering 30 countries and regions, Stemcor helps customers choose from over 3,500 different grades of steel and raw materials available in the market. Nearly 20 percent of its business comes from China’s market. (Edited by Gao Jingyan)
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