China Resources may list cement arm in ’09

China Resources may list cement arm in ’09
Published: 25 November 2008

China Resources Holdings may put off the listing plan of its cement unit until early next year due to the poor market conditions, the South China Morning Post reported, citing the company’s chairman Song Lin as saying.

The group had planned to launch the initial public offering for China Resources Cement by the end of this year, as the unit has grown rapidly after it was privatized since 2006, thanks to the massive infrastructure construction in recent years.

Song disclosed that turnover for the cement unit was RMB 6 billion in 2007, adding that demand for cement would be high as many infrastructure projects would start as part of the central government’s stimulus plan. Credit Suisse and Morgan Stanley are reportedly sponsors for the deal.