Xinjiang Tianshan Cement Co, based in Northwestern China’s Xinjiang Uygar Autonomous region, plans to raise up to CNY2.8bn (US$443m) through a public offering to fund six projects. The company plans to issue up to 120m new shares at a price of CNY20.64/share.
Some CNY2.48bn from the offering will be used to construct five cement productions lines and one grinding facility in Xinjiang. These new investments will bring Xinjiang Tianshan Cement’s total number of lines to 16.
Total capacity of the company is expected to rise to 46Mt by 2013, of which 40Mt is produced in its home region of Xingjiang. Sources report that the company is eyeing raising this figure to 50Mt by 50Mt, including 45Mt in Xingjiang.