Olympus Capital Holdings said Tuesday it agreed to invest $28 million in Chinese cement producer Sichuan Golden Summit (Group) Joint Stock Co.
With the investment, Olympus and Golden Summit will establish a joint venture, Emeishan Special Cement Co., in which Olympus will own a 49% stake. The transaction, which is subject to regulatory approvals, is expected to close by the end of the year.
Golden Summit said the investment will help boost its capacity by 5000tpd.
"In addition to funding the capacity addition to meet the burgeoning demand for cement in Sichuan, Olympus Capital will continue to support us as we consolidate our leadership in the fragmented cement market in the province through the acquisition and development of other cement projects in the future," Golden Summit Chairman Chen Jianlong said in a statement.