China Resources Cement Holdings Ltd has agreed to buy a 73.5 per cent stake in a cement production joint venture from its parent China Resources (Holdings) Ltd. for HK$151.7m (US$19.4m).
The cement producer also said it would issue HK$800m worth of zero coupon convertible bonds due 2010 to its parent, raising funds to finance the purchase.
The cement venture, Guangxi Pingnan China Resources Yufeng Cement Co. Ltd., operates a 5,000tpd clinker production line which is equivalent to an annual cement production capacity of 1.9Mt.
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