Conch acquires stake in Xingjian Qingsong, China

Anhui Conch Cement Co has completed the acquisition of a 19.99 per cent stake in Xinjiang Qingsong Building Materials and Chemicals (Group).

The company said in a statement filed with the Shanghai Stock Exchange that, together with an Anhui Province-based subsidiary, it bought 137.8 million shares of Qingsong Building Materials through a private placement.

Qingsong Building Materials earlier announced plans to issue up to 262 million shares at CNY13.53 a piece through a private placement. Proceeds from the offering will be used to fund three cement projects.