TCC to buy limestone quarries to reduce costs
TCC International Holdings said it has agreed to acquire the entire equity interests in Guigang Chien Kuo Mining Co., Ltd., Jiangsu Chien Kuo Mining Industrial Co., Ltd. and Yingde Chien Kuo Mining Industrial Co., Ltd. at a total of HKD436m.
By bringing the above three companies and their operations into the TCC International Group through the acquisition, the relevant subsidiaries will no longer have to outsource the limestone quarrying part of their production chain to third parties.
The Board expects that the acquisition will result in a reduction in the Group’s overall production costs and will have synergetic effect on the improvement of the Group’s overall operational efficiency.
The three companies are mainly engaged in the provision of limestone quarrying services in the PRC and some of the subsidiaries of the TCC International Group have for many years been the primary customers of the three companies.
Published under Cement News
