China Resources Cement to Acquire Six Companies

Reports from Hong Kong confirm that China Resources Cement Holdings Ltd has reached a framework agreement with Universal Cement Corp to acquire its six affiliate cement companies for HK$820 million.

The Hong Kong firm will own a clinker production line, three cement lines and two concrete plants, which are located in Huizhou, Guangdong Province and are designed to produce 992 000 tpa of clinker, 3.45 million tpa of cement and 1.2 million m3 of concrete. In addition, China Resources Cement has said it will add a concrete plant with an annual output capacity of 1.1 million m3 in Ningbo, Zhejiang Province.

In May 2010, China Resources Cement, said to be the largest cement producer in Southern China by output, acquired two cement plants in Fujian Province for RMB 830 million, and earlier stated that it wanted to double its market share in the region. It also said that it will purchase a 72% stake in Guardwise Investments for RMB 1.52 billion to own a cement production line that is under construction in Shanxi Province.

Read the article online at: https://www.worldcement.com/asia-pacific-rim/23062010/china_resources_cement_to_acquire_six_companies/