Taiwan Cement Corp said Monday it signed a memorandum of understanding with Prosperity Minerals Holdings Ltd to buy its Upper Value Investment Ltd. unit for HK$4bn.

Taiwan Cement said it signed the MOU through its TCC International Holdings Ltd unit, and expects to sign a final agreement before the end of the year.

Prosperity Minerals has a cement manufacturing business and an iron ore trading business in China. It said in a separate statement Monday it entered into an MOU with TCC International on the sale of all of Upper Value’s issued share capital and certain shareholder loans.
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