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.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/07122010/china_resources_cement%E2%80%99s_latest_acquisition/