China: Zhongxia Cement joint venture established

China: Zhongxia Cement joint venture established
Published: 28 November 2014


China Gezhouba Group reports that its wholly-owned subsidiary Gezhouba Group Cement signed an agreement with Hubei Zhongxia Cement on 26 November, for a joint venture company that will restructure the businesses and assets of Zhongxia Cement.

The venture, with a registered capital of CNY1.17bn (US$190.4m), will be engaged in production and sales of cement, clinker and fine slag powder and opencast mining of limestone for cement use. Gezhouba Cement will hold 51 per cent of the company through an investment of CNY598.18m in capital and Zhongxia Cement will hold the remaining 49 per cent interest by CNY 574.72m in non-monetary assets.

The venture will acquire entire current assets of inventories for cement production and operation of Zhongxia Cement after establishment.