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