Chinese cement producer Zhejiang Kehua Group Co, Ltd will invest USD93m in building a cement plant in Addis Ababa, capital of Ethiopia, and has submitted an application to local regulators, said the Jinhua Foreign Trade & Economic Cooperation Bureau on February 21, 2008.
Kehua Group confirmed the aforesaid news, adding that it sent several executives including the chairman Zhao Baozhong to make a 7-day survey about the Ethiopian city at the end of 2007 and signed a cooperative memorandum of understanding with a local cement producer.
Based in Lanxi City, Zhejiang Province, east China, Kehua Group is currently capable of producing 6Mta. It targets to annually produce 10Mt of cement and gain sales revenue of CNY 5bn a year in the future. It has 15 subsidiaries around the country, which are respectively located in Zhejiang Province, Chongqing City, Jiangxi Province and Sichuan Province.
Kehua Group previously said that it planned to rope in strategic partners for a public listing.