Sinoma cements HK offering

Sinoma cements HK offering
Published: 07 December 2007

The mainland’s largest cement equipment maker China National Materials (Sinoma)  said yesterday it would attempt to boost its earnings with greater expansion overseas.
 
"The overseas and domestic markets currently weight about 65 percent and 35 percent for our cement business, respectively. The former will continue to enlarge with our foray into Russia, North America and Africa," the company’s chairman and executive director Tan Zhongming told reporters at its IPO press conference in Hong Kong yesterday.

Tan said the company intends to merge with the cement arm of its parent group. The parent group has signaled giving preferences to support the company going public in Hong Kong.

Sinoma will issue 930 million shares in the Hong Kong exchange in a bid to collect as much as HK$4.1 billion through the deal.

In response to the central government’s tightening monetary policy, Tan dismissed the measure would put a brake on the cement business.

"Investment in the industry was overheated in the past, so the measures could help stabilize the market," Tan said.