Jilin Yatai (Group) Co., Ltd.says on March 7, 2008 that it has injected all the cement holdings from its subsidiaries and it into a new wholly-owned cement investment subsidiary and lifted the latter’s registered capital to CNY 2.743bn.
Yatai previously said that it would do so via the company. It adds today that all the transactions were completed. The new company becomes the controlling shareholder of Yatai’s cement operations and Yatai is the effective controller.
Moreover, Yatai plans to sell a 26% stake in the cement investment arm to a 100%-owned unit of Ireland-based building material producer CRH plc, according to a previous agreement signed between them. And the Irish company has the option to raise its stake in the target company to 49% in the future. The deal still needs approval from Yatai’s shareholders and Chinese regulators.