CRC Cement Holdings to acquire 40% stake in Yunnan producer, China

China Resources Cement Holdings Ltd (CRC) has agreed to pay CNY1.51bn (US$236.9m) for a 40 per cent stake in cement producer Yunnan Kunming Iron & Steel Building Materials Group Co, in a bid to lift production capacity.

The Hong Kong-listed cement manufacturer said Monday it plans to buy a minority stake in the Yunnan-based producer.  Kunming Iron & Steel Holding Co, Ltd currently owns 100 per cent of Yunnan Kunming Iron & Steel Building Materials Group, a stake which will be reduced to 60 per cent once the CRC transaction is complete.

CRC plans to fund the investment via internal resources and bank borrowing, it said.