China’s Qilianshan Cement to sell shares to CNBM

China’s Qilianshan Cement to sell shares to CNBM
17 March 2008


China’s Gansu Qilianshan Cement Co said on Monday it would place 50m new shares with larger rival  China National Building Material Co in a deal that official media valued at CNY493m (US$69.5m).  
 
The move would help the firms’ joint effort to consolidate the cement market in northwest China, Gansu Qilianshan said in a statement.  
 
The placement is part of Qilianshan’s plan to issue up to 150 million new shares – equivalent to nearly 20 percent of its enlarged share capital – to no more than 10 institutional investors.
Published under Cement News