Anhui Conch Cement Co, China’s largest cement producer by output, said Tuesday it plans to build six dry-process plants in China, which will cost at least CNY4.95bn (US$709.4m).
The company said in a statement it plans to build the plants in the provinces of Hunan, Hubei, Guangdong, Sichuan, Guizhou and the municipality of Chongqing.
Conch also said it plans to sell up to 200 million new Shanghai-listed shares at CNY57.38 each, to raise as much as CNY11.48bn.
The Hong Kong and Shanghai-listed company said subscriptions for the new shares will start Friday.
The shares on sale represent about 12.77% of the company’s existing issued share capital. The sale was first announced in June last year.
Anhui Conch, which received approval from the China Securities Regulatory Commission for the new-share issue last month, said it will use CNY6.23bn of the sale proceeds for its cement and clinker expansion projects.