Conch Cement to buy in Xinjiang Qingsong non-public issuance

Xinjiang Qingsong Building Materials and Chemicals (Group) Co announced that it has signed a framework agreement with Anhui Conch Cement Company that the latter would buy 150 million shares the former has sold in a non-public offering at CNY13.53 each or over CNY2bn in total.

Upon the agreement, Conch Cement will support Xinjiang Qingsong in technology, man-agement, project construction and market integration of cement business, stepping up cement market integration in the region where they are located. Moreover, Conch Cement will help boost cement industry structure improvement in Xinjiang through the partner and they will join forces to develop coal, oil, natural gas and other resources projects. (Source: Sinocast LL)