Jilin Yatai to acquire loss-suffering company, China
Jilin Yatai (Group) Co Ltd on Oct. 16 said it will spend CNY249m (US$37.5m) to acquire a cement company, which is based in Tieling, Liaoning Province and suffered losses of CNY45.56m in the first half of this year.
Established in 2003, the target firm produced 1.31Mt of cement and 2.2Mt of clinker in 2009. The target cement producer, which has a registered capital of CNY246m, had CNY1.32bn in total assets as of end of the June, and its strategic location is good for cement market expansion, said the Shanghai-listed buyer without elaborating other details.
Jilin Yatai’s net profit for the first half of this year declined nearly 30% YoY to CNY241m, and its operating profit was CNY331m, down 12% YoY. Published under Cement News
