Tangshan Jidong Cement acquires transport unit

Tangshan Jidong Cement acquires transport unit
Published: 17 February 2005

Tangshan Jidong Cement Co Ltd said its board has decided to acquire a transport unit belonging to Hebei Jidong Cement Group, its parent company, for 44.11 million yuan (US$5.33m).  Tangshan Jidong Cement said in a statement that the transport unit, which it will buy outright, posted a net profit of 2.45 million yuan (US$296,019) in 2004, when its total revenue stood at 63.07 million yuan.  Hebei Jidong Cement Group owns a controlling 62.94 per cent stake in Tangshan Jidong Cement.