The Company was incorporated on 27 November 1973 under the name SsangYong Cement (S) Pte Ltd. It was originally formed as a joint venture between SsangYong Cement Industrial Co Ltd of South Korea, Afro-Asia Shipping Co (Pte) Ltd and The Development Bank of Singapore Ltd. It was converted into a public limited company on 31 May 1983 and assumed its present name.It started commercial production of cement under the SsangYong trade mark on 1 October 1976. In 1993, the Company formed two joint venture companies in Shanghai and Zhejiang province, China to produce cement and cement-related products. Five more joint ventures were formed in 1994, four in China and one in Myanmar.In 1994, SsangYong moved into the IT business such as computer network/connectivity, network security and associated Internet products. In 1998, it moved into property development with a 190-apartment residential development in Central London. In 2000, the Group incorporated two new companies for venture capital investments. The companies are posied to invest in startup companies in telecommunications infrastructure and potentially high growth sectors such as the life sciences.As the year 2002 draws to a close, the Company marks the beginning of a new chapter, witnessed by the ending the Singapore-Korea partnership over the Company’s 30-year history. Afro-Asia Intl Enterprises Pte Ltd acquired 19.8 million ordinary shares (or 25.64 percent) from Ssangyong Cement Industrial Co Ltd and subsequently made a mandatory cash offer for shares not owned by Afro-Asia Intl Enterprises Pte Ltd or parties acting in concert with at $1.05 per share.