Jiangxi Cement to invest in subsidiary, China

Jiangxi Cement to invest in subsidiary, China
Published: 19 September 2011

Jiangxi Cement Co., Ltd announced on September 15 that it plans to invest CNY64m (US$10m) in its subsidiary, Jiangxi Wannianqing Cement Co., Ltd., to promote construction of its 4800tpd of clinker line.

Jiangxi Cement will add investment in the same proportion with other shareholders. Therefore, the registered capital of Jiangxi Wannianqing Cement will increase to CNY102.82m, and Jiangxi Cement still holds 80% in the subsidiary.

Total assets of Jiangxi Wannianqing Cement amounted to CNY 76.441m in 2010, of which total liabilities and net assets was CNY 22.843m and CNY 53.598m separately. Its operating revenue and total profit reached CNY 125.425m and CNY 11.498m respectively.