Taihang Cement to buy majority stake in Hebei Zhoushi Cement
Hebei Taihang Cement Co Ltd today announced to purchase a 91% stake in Hebei Zhoushi Cement, a wholly-owned subsidiary of Hebei Haitian Construction Co Ltd, for CNY182m (US$26.7m), sources reported.
China Knowledge reported that the target firm, which has a registered capital of CNY100m, had CNY81.27m in net assets and CNY390m in total assets as of February 28, 2010.
The Shanghai-listed firm will gain 1.2Mt of cement capacity through the acquisition, which will bring around CNY240m in additional operating revenue and CNY35m in additional net profit.
Published under Cement News
