GMG Global recently announced its full year results and a big acquisition. The acquisition of a Belgian company already in Africa, Siat, is is expected to cost GMG Global SGD 230 million in cash. I will try to provide an extended analysis much later but for the moment, this acquisition represents an exciting development due to its scale. According to the announcement, Siat has total natural rubber concession of approximately 51,500 hectares. Since the takeover by SinoChem, GMG has embarked on mega deals, consolidating its position and adding capacity. But is this sustainable?
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