Chinese cement firm Jilin Yatai (Group) Co Ltd plans to acquire 100% equity interest in Jilin Jinyuan Cement Co Ltd to further expand its market share in Northeast China.
Jilin Yatai said in a statement filed with the Shanghai Stock Exchange that it will spend RMB 311.64m to complete the acquisition.
As a major cement producer in Jilin province, Jinyuan Cement produced 1.06 million tons of cement in 2008. It also has the largest market share in Changchun, the capital city of Jilin province.
Jilin Yatai also has plans to issue up to RMB 2bn in medium-term notes on the interbank market with a maturity of not more than five years.