Taiwan Cement Corporation, the island’s largest cement producer, intends to build a 3 million-ton/year cement grinding plant in Putian City, Fujian Province (China) with total investment of up to USD 60 million, according to SinoCast LLC.
Its Hong Kong-listed subsidiary TCC International Holdings Limited (SEHK: 1136) recently signed letter of intent regarding such investment with Putian City government, said sources familiar with the deal.
Phase I of the project is designed to have an annual production capacity of 2 million tons with about USD40 million investment. The operation of phase I project is expected to bring annual sales incomes of CNY 800 million and the figure will expand to CNY 1.2 billion after the entire project is completed and put into operation.
Taiwan Cement, a family business, was founded in 1946 by Gu Zhenfu, one of the most influential enterprisers in Taiwan. Its mainland operation now can produce over 27 million tons of cement every year.