Hebei Provincial Jidong Cement Group Co, Ltd. (Jidong Cement), a major cement producer in China, plans to sell some stake to HeidelbergCement, announced its listing vehicle Tangshan Jidong Cement Co, Ltd.
Both sides are in talks now and relative reports have been submitted to the National Development and Reform Commission of China (NDRC).
Jidong Cement first made an announcement on February 27 by saying that it would have a shareholding reform, and its stock will suspend trading for a long time.
Two other arms of Jidong Cement in Fufeng and Jingyang of Shaanxi Province sold stakes of 45.77 per cent and 40 per cent respectively to HeidelbergCement Holding Hong Kong. The Hong Kong company is a wholly-owned subsidiary of HeidelbergCement.