TCC International Holdings Ltd has announced that it had completed acquiring Prosperity International Holdings (HK) mainland cement business for HK$3.8bn (US$488m).
Leslie Koo, board chairman of TCC International, said that the company’s cement market will expand to many regions of South China, including Guangdong Province, Guangxi Zhuang Autonomous Region, Fujian Province and Chongqing.
TCC International’s cement output capacity is expected to reach more than 50Mt at the end of this year, and more than 90 per cent, or 40Mt output will be produced in mainland, Koo added.
In 2011, TCC International intends to add three cement production lines in Sichuan Province, Guizhou Province and Chongqing, bringing its total mainland output capacity to 46.35Mt.
According to TCC International’s website, it sold around 17Mt of cement in 2009.