China’s BBMG Corp is set to sell its entire 49 per cent stake in Beijing BBMG Mangrove to Jidong Cement for CNY1.72bn (US$241m).

Jidong Cement is expected to fund the acquisition of the waste management company in an all-cash deal, according to a statement by BBMG. The proceeds from the divestment will be used to meet BBMG’s working capital requirements.