China’s Ministry of Commerce has approved Huaxin Cement Co to issue additional shares to a unit of Switzerland-based cement producer Holcim Ltd, reports the Dow Jones International News.
The person, who declined to be named, said the deal still requires approval from the China Securities Regulatory Commission. He didn’t provide further details.
In March, Huaxin Cement said it would issue an additional 160m class A shares to the Holcim unit, Holchin BV, which is its second-largest shareholder.
Huaxin Cement didn’t say what proportion of the company the sale represented, but Holcim said it was increasing its stake in the southern Chinese firm to 50.3 per cent from 26.1 per cent.