Hong Kong-listed Anhui Conch raises stake

Hong Kong-listed Anhui Conch raises stake
Published: 05 January 2005

Anhui Conch Cement Co Ltd (ACCCL) and its subsidiary, Huaining Conch, are to acquire for 131.32 mln yuan a total of 49 per cent stake in Shuangfeng Conch, a producer of cement and clinker in China, said ACCCL’s Company Secretary Zhang Mingjing. Before the transaction agreed on Dec 29, ACCCL held 51 per cent of Shuangfeng Conch and the balance was held by Development & Investment Co. Development & Investment Co agreed to sell 39 per cent of Shuangfeng Conch to ACCL and 10 per cent to Huaining Conch. Zhang said ACCCL increased its stake in Shuangfeng Conch to enable the group to increase its sales and enlarge its market share in Hunan and neighboring areas by expanding and consolidating the cement markets in the region.