Asia Cement Corporation, Taiwan’s leading cement producer, recently announced it has signed, through its subsidiary, Asia Cement (China) Holdings VCorp., which is listed in Hong Kong, a memorandum of understanding with Sunnsy Group of China to acquire a 30% stake of the group’s subsidiaries in north eastern China and Inner Mongolia. In addition, Asia Cement will also obtain a 10% stake in the Sunnsy Group to tap markets in north-eastern and north-western China. All the acquisition deals will be settled by 1 May 2011. Since the beginning of this year Asia Cement has twice invested in the Sunnsy Group and to date Asia Cement has obtained over 1.7% shareholdings in the group.
The Sunnsy Group is the largest cement conglomerate in Shandong province and has tapped markets in Liaoning province in north-eastern China, and in Inner Mongolia. Over the past decade the Group has expanded its capacity from 2 million tpa to 60 million tpa to become one of China’s top 10 cement conglomerates in terms of output, and one of China’s top 5 most profitable cement conglomerates.
The Asia Cement Group has an annual production capacity of 30 million t of cement in Taiwan and in China. Its chief executive T H Chang has said there is ample room for his group to further develop in China. Asia Cement China has predicted that its annual production capacity will be able to achieve 32.4 million t in 2014.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/24112010/asia_cement_to_invest_in_sunnsy_group/