Taiwan Cement to sell Conch subsidiary stake
Taiwan Cement Corp said its unit TCC International (Jiang-su) Ltd is expected to realize gains of about US$3.57m from planned sale of shares in China-based Xuzhou Conch Cement Co Ltd for US$21.80m. The unit’s board has decided to sell off its Xuzhou Conch Cement shares to Anhui Conch Venture Investment Co Ltd, according to a company statement. No reasons were given but there seems to be some differences in operating strategies between the two groups with Conch seemingly keen to take a more independent path. Published under Cement News
