China National Building Material Co Ltd (CNBM) has inked contracts with Sin Chang An Holding Ltd, a unit of the Singapore-listed Jurong Cement Ltd, to acquire a 60% stake in both Zhejiang Shanying Cement Co Ltd and Zhejiang Jurong Cement Co respectively at a combined value of US$41.8m in cash, sources reported.
The transaction still needs approvals from shareholders and regulatory authorities. The deal was announced by Jurong Cement on January, 30 2008 in a statement filed with Singapore Exchange.
China National Building Material Co. Ltd announced earlier in January that it is going to acquire six cement and clinker manufacturers with a total cost of RMB3bn (US$0.42bn). The company intends to strengthen its capacity in the nation’s cement industry via the acquisition of over 30 cement and clinker manufacturers in China.
The cement producer plans to conduct these acquisition with a total cost of RMB10 billion (US$1.4bn).