Sichuan Shuangma Cement Co Ltd announced Thursday that it has received approval from China’s National Development Reform Commission to issue 296 million shares to Lafarge China in exchange for a 50 per cent stake worth CNY2.26bn in Lafarge Dujiangyan Cement Co.

On Sep. 12, 2008, the Shenzhen-listed firm announced that it would issue 400m shares for RMB 7.61 apiece to buy the same 50% stake, which was valued at CNY2.8bn.

The purchaser on January 6, 2010 reduced its valuation to CNY2.35bn.

On January 25, 2010, Sichuan Shuangma Cement put the deal on hold and further reduced its valuation to CNY2.26bn.
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