China’s Qilianshan Cement to sell shares to CNBM

China’s Qilianshan Cement to sell shares to CNBM
Published: 17 March 2008

China’s Gansu Qilianshan Cement Co said on Monday it would place 50m new shares with larger rival  China National Building Material Co in a deal that official media valued at CNY493m (US$69.5m).  
 
The move would help the firms’ joint effort to consolidate the cement market in northwest China, Gansu Qilianshan said in a statement.  
 
The placement is part of Qilianshan’s plan to issue up to 150 million new shares – equivalent to nearly 20 percent of its enlarged share capital – to no more than 10 institutional investors.