Malaysia’s YTL Cement Bhd Tuesday said it has agreed to buy the entire equity of China’s Jin Yuan Cement Co Ltd for CNY150m.
"The proposed acquisition will facilitate the growth of YTL Cement’s operations into the vast China markets, well in line with the company’s expansion strategy," YTL Cement Managing Director Francis Yeoh said in a statement.
Jin Yuan, tthe largest cement manufacturer in Lin’an with a market share of 60%, owns cement and clinker production with annual capacities of 1.5Mt and 1.55Mt, respectively. Jin Yuan is also one of the top 5 cement suppliers in the Hangzhou market.
YTL Cement expects the deal to be completed within three months.