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China Resources Cement’s latest acquisition

World Cement,

China Resources Cement Holdings Ltd, a major subsidiary of China Resources Group, has announced that it will acquire the clinker, cement and concrete business in Guangzhou and in Hong Kong for HK$1.24 billion from Yue Xiu Enterprises (Holdings) Ltd and its subsidiary CCCI, sources from Hong Kong report.

The assets to be acquired are reported to include a 50% stake in Shunfeng, a 50% stake in Fangzheng and a 50% stake in CCC, which are held by CCCI. CCCI’s HK$486 million worth of shareholder loans, and HK$137 million debts are to be sold by Yue Xiu Enterprises.

China Resources Cement said the acquisition will be in line with its long-term expansion plan, will consolidate its market position and increase its production capacity of cement and concrete in the South China region.

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