China Resources to take its cement arm private

China Resources to take its cement arm private
Published: 03 April 2006

China Resources (Holdings) Co. Ltd. said on Monday that it plans pay HK$428m (US$55m) to take its cement arm, China Resources Cement Holdings Ltd, private.  Through its wholly-owned Smooth Concept Investment Ltd, China Resources will offer HK$2.45 for each China Resources Cement share it does not already own, the company said in a statement.  Shares of China Resources Cement surged nearly 30 percent to HK$2.35 shortly after the market opened. Trading in the stock resumed on Monday after it was suspended on March 29 pending on the privatisation announcement.  China Resources Cement shareholders could also swap their shares with those in privately-owned Smooth Concept on a one-for-one basis.  But there were no plans for a listing of Smooth Concept shares, the statement said. The cement unit will be delisted after the deal is successfully completed.