Jurong Cement Unit Sells Stake In China Cement Cos For S$59m

Jurong Cement Unit Sells Stake In China Cement Cos For S$59m
Published: 31 January 2008

Jurong Cement Ltd’s unit Sin Chang An Holdings Ltd. has signed a deal to sell its entire 60% stake in Zhejiang Shanying Cement Co. Ltd. and Zhejiang Jurong Cement Co. Ltd. to China-based Nanfang Cement Co. Ltd. for S$59.34m. 
 
In a filing to the Singapore Exchange late Wednesday,  Jurong Cement said the cement companies are involved in the manufacture and distribution of cement in Zhejiang province in the China. 
 
"It is the intention of the company to focus its attention on being a producer and distributor of ready-mixed concrete and cementitious materials in Singapore and as such the company intends to disinvest its investments which are non-core to its business in Singapore including its overseas investments," Jurong said.