Sinoma increases merger budget to CNY8.1bn

Sinoma increases merger budget to CNY8.1bn
Published: 16 April 2009

China National Materials (Sinoma) will increase capital expenditure this year to CNY11bn (HK$12.48bn) from CNY6.5bn last year, with CNY8.1bn to be spent on mergers and acquisitions, mostly of cement companies in the country’s north, president Zhou Yuxian said.

This is part of the state-owned company’s plan to increase annual cement capacity from 32Mt last year to more than 100Mt by the end of this year, to become northern China’s biggest producer of the material, Mr Zhou said.

"We are talking to cement producers with annual capacity of more than 50Mt."