Tangshan Jidong Cement Co Ltd has announced plans to inject a total of CNY 700m into seven subsidiaries to expand its market in North China. One of the seven firms is preparing to build a cement production line that is designed to produce 2500tpd, and the remaining six firms will each have an output of 4500tpd of cement.
In addition, the Shenzhen-listed firm has received approval from board of directors to issue 135 million new shares for RMB 14.21 apiece or RMB1.92bn in total. After the private placement, the issuer’s biggest shareholder Hebei Provincial Jidong Cement Group Co Ltd’s shareholdings will decline to 37.28% from current 41.42%. The cement producer’s unaudited net profit for the first half of this year is between RMB 458m and RMB 611m, sources reported.