Shui On Construction and Materials Ltd said it and Lafarge SA of France have injected an aggregate amount of US$44.4m into their joint venture company, which is engaged in cement operations in China . Shui On Construction company secretary Janice Tam said in a statement the additional capital injection was made in proportion to Shui On’s 45 per cent stake and Lafarge’s 55 per cent interest in the joint venture. The fresh capital will be used to fund acquisition by the joint venture company of a minority stake in Lafarge’s China cement holding company. It will also be used to buy Shuangma Investment Group Co, a company which produces cement in China ’s Sichuan province.
Tam also noted that the US$19.98m that Shui On has infused into the joint venture firm was financed by internal resources and unused banking facilities.