Jidong Cement to buy controlling holder's assets, China

Tangshan Jidong Cement announced it would buy the use right of part of land, ownership of houses and supporting facilities rented by it currently from its controlling shareholder Jidong Development Group, reports SinoCast.

The listed company also will buy the ownership of an office building, Beijing Representative Office and Jidong Development Students Apartment and supporting facitlies, covering about 50,000 square meters.

To further enhance the market competitiveness of its controlling subsidiary Jidong Cement (Fengxiang), the listed company intended to inject CNY 10m into the subsidiary with the latter's another shareholder Shaanxi Tianzhu Cement based on the stake they respectively hold.