China: MCC unit to sell cement assets

China 22MCC Group Corporation Ltd, a wholly-owned subsidiary of the China Metallurgical Group Corporation (MCC), plans to sell cement assets for a combined CNY57.64m, according to the China Beijing Equity Exchange.

China 22MCC Group aims to sell its 6.7379 per cent stake in Jidong Cement Luan County Corp for about CNY44.44m and its nine per cent stake in Tianjian Jidong Cement Corp for around CNY13.19m.

Jidong Cement Luan County Corp is a subsidiary of Jidong Cement which holds a 67.5861per cent stake.
In the first half of the year, Jidong Cement Luan County Corp saw its operating revenue stand at CNY197.33m with a net loss of CNY38.63m.

Meanwhile, Tianjian Jidong Cement Corp saw its operating revenue stand at CNY85.85m in the half year period, with a net profit of CNY1.79m. (Source: Xinhua News Agency, China)