China’s Sinoma International Engineering, a subsidiary of China National Materials, filed a statement to the Hong Kong stock exchange to the effect that Sinoma would acquire 59.09% of Hazemag & EPR through a share purchase agreement. Sinoma will buy 2 million Hazemag shares for €51.99 million by March 2014 and another 2 million shares between November 2014 and February 2015.
Hazemag is involved in the minerals processing and coal mining industries, while Sinoma’s expertise lies largely in the field of cement. In the statement, Sinoma’s chairman, Liu Zhijiang said the acquisition “will improve the technique, strengthen the management and establish the channels for the purpose of rapid expansion of Sinoma International to the field of mining equipment and generate more return for the group when Hazemag makes more profit in the future”.
Sinoma has made no secret of its plans to expand overseas, having announced back in 2011 that it was considering acquisitions worth 1 – 10 billion yuan each in the US and Europe. Earlier this year, the company went into business with LV Technology on its Indian subsidiary, LNV Technology, of which Sinoma now holds 68%.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/europe-cis/03092013/sinoma_buys_majority_stake_in_hazemag_147/