Anhui Conch to buy Fenyi Conch Cement

Anhui Conch to buy Fenyi Conch Cement
Published: 19 November 2004

Anhui Conch Cement Co Ltd (SHA 600585; HK 0914) said it has signed an agreement with Shanghai Xingchang International Trade Co Ltd to acquire the Shanghai firm’s 49 pct stake in Fenyi Conch Cement Co Ltd. In a statement filed with the Shanghai Stock Exchange Anhui Conch Cement said it, and its wholly-owned subsidiary Anhui Ningguo Cement Plant, will pay a total of 58.42 mln yuan for the stake. After the deal, Anhui Conch Cement’s stake in Fenyi Conch Cement will rise to 90 pct from 51 pct, while Anhui Ningguo Cement Plant will have a 10 per cent interest. Anhui Conch Cement Co Ltd said its market share in the central province of Jiangxi, where Fenyi Conch Cement is located, is expected to increase after the purchase.