TCC International (Hong Kong) Co, Ltd and TCC (Yingde) Cement Company Limited have entered into a framework agreement to acquire an 83.69% stake in Yingde Chien Kuo Mining Industrial Co, Ltd, a China-based limestone quarrying company, from Golden Canyon Limited, Wuxi Chien Bang Concrete and Nantong Chien Cheng Concrete. The transaction is valued at approximately HKD216.49m (US$27.82m).
Both TCC International (Hong Kong) and TCC (Yingde) Cement are indirect wholly-owned subsidiaries of TCC International Holdings Limited, engaged in manufacturing and distributing cement.
Concurrently, TCC International (Hong Kong) has also agreed to acquire 100% stake in Jiangsu Chien Kuo Mining Industrial from Golden Canyon Limited, for approximately HKD137.49m (US$17.67m). Jiangsu Chien Kuo holds the remaining 16.31% stake in Jiangsu Chien Kuo.
