Jidong Cement Concrete Capital Base to enlarge

Jidong Cement Concrete Capital Base to enlarge
Published: 24 June 2009

Tangshan Jidong Cement Co., Ltd. and its parent Hebei Provincial Jidong Cement Group Co., Ltd. will additionally inject CNY113.19m and CNY67.81m in cash into Tangshan Jidong Cement Concrete Investment Development Co Ltd, respectively.

And then total capital base of Jidong Cement Concrete will be enlarged to CNY231m from CNY50m. Ultimately, Jidong Cement and Jidong Cement Group will separately hold 49 and 51 per cent of the target company.

Located in the northern Chinese city of Tangshan, Hebei Province, Jidong Cement Concrete will be created a concrete investment platform of the Shenzhen-listed company and its controlling shareholder. In the near future, Jidong Cement is expected to future extend its industry chain, diversify its investment, disperse the operation risk, as well as optimize its capital utilization efficiency and allocation.

As of March 31, 2009, total assets and net assets of Jidong Cement had reached nearly CNY13.671bn and CNY5.925bn, respectively.