Holcim invests US$243m in Chinese cement co Huaxin

Holcim invests US$243m in Chinese cement co Huaxin
Published: 22 June 2009

Holcim a major shareholder of Chinese cement firm Huauxin Cement Co Ltd, has unexpectedly decided to spend ¥1.6bn (US$234m) to participate in Huaxin’s directional additional offering in spite of the world’s cement industry being recession-hit, according to media reports Wednesday. Holcim’s move, said to be done via its wholly-owned subsidiary Holcin B.V., is merely a minor step in its aggressive global purchase tour.

* Earlier this Monday, Holcim announced a US$1.6bn dollar purchase of the Australian businesses of Cemex, the world’s third leading cement company.

* Market watchers widely believe that Holcim’s strong lashing against the industry’s recession stems from its confidence in a future pickup of the global and Chinese cement markets.