China Resources buys HK & Guangzhou cement business
China Resources Cement said its wholly-owned subsidiary China Resources Cement Holdings (Hong Kong) Limited (CRC Hong Kong) entered into an agreement with Century Cement International Limited (CCCI) and Yue Xiu Enterprises (Holdings) Limited to acquire 50% of issued share capital in each of Easy Point Industrial Limited, Squareal Cement and China Century Cement Limited (CCC) and the shareholder’s loan as well as the sale debt of YXE-HK from YXE-HK at a total of HK$1.24bn.
Upon Completion, CRC Hong Kong will be interested in 50% of the above target companies, which are engaged in the production and sale of clinker, cement and concrete in Guangzhou and Hong Kong.
CCCI has undertaken that it will not directly or indirectly engage in any business activities in relation to cement production and sales in Hong Kong and Guangdong Province within five years after completion of the acquisition. Published under Cement News
