China Huaxin Cement changes investment plant
Huaxin Cement said it will terminate plans to invest in 10 concrete projects and will use CNY172.56m of the uninvested funds on seven new projects, reports Yicai, citing a company filing yesterday.
According to the announcement, the amount spent on the 10 projects totalled CNY9.91m.
The land-use rights it already bought will be transferred, while the equipment purchased will be used for the new concrete projects.
Huaxin Cement intends to fully acquire five concrete producers, including Jiangxi Jiangcheng New Material and Xiaogan Yongtai Concrete, and to jointly set up a new company, Xiangyang Huaxin Jianshan New Material.
Huaxin Cement plans to build a 1000tph sandstone production line in Huangshi, Hubei province, which is expected to produce 4.8Mta of sandstone after it is put into operation.
The new company will engage in the production of concrete and ready-mixed mortar, and in the leasing of transportation and pump equipment.