Tangshan Jidong Cement acquires parent company unit

Tangshan Jidong Cement acquires parent company unit
Published: 01 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 44.11m yuan. Tangshan Jidong Cement said in a statement that the transport unit, which it will buy outright, posted a net profit of 2.45m yuan in 2004, when its total revenue stood at 63.07m. Hebei Jidong Cement Group owns a controlling 62.94 per cent stake in Tangshan Jidong Cement. (US$1 = 8.3 yuan)