Anhui Conch Cement said two of its subsidiaries have agreed to acquire cement production assets for a combined CNY619.2m (US$91.2m), expanding the group's manufacturing footprint in eastern and northern China.
Under the agreements, Hefei Conch will acquire cement production assets in Chaohu, Anhui Province, while Ulanqab Conch will acquire assets in Ulanqab, Inner Mongolia. The transactions also include a long-term land lease associated with the Chaohu operations.
According to the company filing, the assets are being acquired from Wanwei High-Tech and its subsidiary Mengwei Technology as part of a broader restructuring following Conch Holdings' acquisition of a controlling interest in Wanwei Group.
Upon completion, cement production activities within the enlarged group will be consolidated under Anhui Conch Cement.
The acquisition remains subject to the conditions set out in the sale agreements.
