Malaysia YTL Cement to buy cement company stake

Malaysia YTL Cement to buy cement company stake
Published: 16 July 2004

Malaysia’s YTL Cement said it plans to acquire a 32.10 per cent stake in cement manufacturer Perak-Hanjoong Simen Sdn. Bhd. for 75.25 million ringgit (US$19.8m). YTL Cement will acquire the stake from South Korea’s Doosan Heavy Industries & Construction Co. Ltd.  YTL Cement will tap its internal funds to pay for the acquisition and may also take out bank loans. Perak-Hanjoong has a 16% market share as of end 2003, making it the second-largest integrated cement producer in the country. "The proposed acquisition is expected to complement YTL Cement’s core business activities and consolidate the group’s position