Asia Cement Corp a member of Taiwan’s Far Eastern Group, plans to spin off its China operations in a US$250m Hong Kong initial public offering, industry sources said Thursday. The IPO may take place as soon as the end of the first quarter.
Asia Cement has cement production and marketing system through investments in the central provinces of Jiangxi and Hubei and in western Sichuan province.
Asia Cement’s annual output of cement now exceeds 10Mt and that the company plans to boost annual production to more than 20Mt by 2010. ABN Amro Rothschild has reportedly been mandated to underwrite the IPO.