China National Building Material (3323) said it has signed letters of intent with four other parties to acquire 80% equity interest in Zhonglida Group, Lima Cement, Yaya Cement, Shenhe Cement and Zhejiang Tongxing Cement, 100% ofthe equity interest in Anhui Feida Cement and Zhejiang Tianji Cement, and at least 50 per cent of the equity interest in Hejiashan Cement.
Meanwhile, it has also agreed to set up a JV with Jiangxi Cement. The authorised share capital of the proposed JV will be RMB1bn (paid by installments) and the company seek to achieve an annual production of 30Mt of cement in Jiangxi Province during three years.
