BBMG to sell 7 cement companies to Jidong Cement

BBMG Corp has announced that it will sell the entire equity interests in seven cement companies to China’s Jidong Cement for a total consideration of CNY1.54bn (US$227.06m).

BBMG and Jidong have also agreed to contribute CNY1bn to the registered capital of their joint venture, BBMG Jidong Cement (Tangshan) Co Ltd. According to a statement, the agreements are to resolve issues of competition between the two companies.