China Resources Cement said its wholly-owned subsidiary China Resources Cement (Longyan Yanshi) Limited has entered into a property transfer agreement with Fujian Zijin Hengfa Construction Materials Limited for acquiring a cement production plant under construction in Longyan Municipality of Fujian Province.
The consideration will be satisfied in cash using CR Cement’s internal resources.
CRC Yanshi will incur further capital expenditure of about CNY520m to complete the construction of a 4500tpd clinker line (1.4Mta) and two cement grinding lines with total annual production capacity of 2Mt, which are expected to commence operation by the first quarter of 2012.
