China’s Tangshan Jidong Cement Co said Tuesday its parent is in negotiations to transfer a stake in the company to HeidelbergCement AG.
HeidelbergCement and Jidong Cement entered into a 50-50 joint venture to produce cement in September, the German company said at the time. Jidong Cement’s controlling shareholder is Hebei Provincial Jidong Cement Group Co, which has a 62.93 per cent stake, according to the listed company’s first-half 2005 earnings report.
Jidong Cement’s shares have been suspended since Feb. 27 pending the disclosure of the company’s share reform plan to convert its nontradable stock. Jidong Cement’s net profit for the nine months ended Sept. 30 was CNY93.21m, down from CNY112.74m a year earlier.