Scitus Cement (China) Holdings Ltd, a Hong Kong-based investment company has signed an agreement to take over Sichuan Zhiquan Special Cement Co Ltd, sources reported.
An official from Scitus Cement said that both parties have consensus on the issue of consideration, and expect to ink the final agreement soon. However, he declined to disclose the financial details and timetable of the deal.
The move marks that Scitus Cement starts to extend its business presence to Sichuan Province, Southwest China.
Established by a JP Morgan fund management company in 2007, Scitus Cement intends to seize opportunities in China’s cement industry restructuring and industrial upgrading, targeting the broad market of large-scale development in the southwestern region, according to the firm’s website.