TCC International said it agreed to acquire about 97.94% equity interest in Scitus Cement (China) Holdings Limited at US$130m (equivalent to about HK$1.01bn) in cash and by issuance of 45 million warrants.

The Scitus Cement Group operates two new dry-process clinker production lines with totalannual production capacity of about 1.6Mt and three cement grinding lines with total capacity of around 2.3Mta. In addition, the Group also has two clinker production lines and four cement grinding lines under construction, which are expected to be completed and put into operation in late 2011or in the first half of 2012.
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