BBMG Group Company Limited, a building materials manufacturer, has entered into an agreement to acquire a 90% stake in Quyang Jinyu Cement Co., Ltd. from Beijing Dacheng Property Development Co., Ltd., for CNY47.73 million ($6.9 million). All the parties in the transaction are based in China.
Quyang Cement is principally engaged in manufacturing and sale of cement productions, open-pit mining and sale of limestone. Dacheng Property is principally engaged in property development, provision of property management services and sale of building materials.
Concurrently, BBMG has also agreed to acquire Zhangjiakou Jinyu Cement Co., Ltd., Zhuolu Yongxing Cement Co., Ltd, Beijing Dacheng Development Group Co., Ltd, Shanghai Sanming Building Materials Co., Ltd., and Tianjin Zhenxing Cement Co., Ltd.