Huaxin Cement wins Holcim trade

Huaxin Cement wins Holcim trade
Published: 11 April 2006

China’s Huaxin Cement said it has won a contract to supply 2Mt of cement to Holcim Trading for a value of just US$20m (sic).

In a statement filed to the Shanghai Stock Exchange, Huaxin said it will deliver the cement to Holcim Trading, which is fully owned by Switzerland’s Holcim Ltd, by December 2007.

Huaxin also said its shareholders have approved its previously announced plan to issue 160 mln A-shares to Holchin BV, a unit of Holcim Ltd. Holchin BV already owns 26.11 per cent of Huaxin.

The company said earlier that the issue price will be no lower than 120 per cent of the average price in the 20 trading days preceding the announcement of the deal.