Taiwan Cement takes over China's Prosperity Minerals Holdings

Byyyp

Updated Fri, 13 Aug 2010 00:00:00 GMT

Taiwan's largest cement manufacturer, Taiwan Cement Co, on Thursday acquired China's Prosperity Minerals Holdings for 3.8 billion HK dollars (489 million US dollars), according to the Central News Agency (CNA).

Taiwan Cement bought Prosperity Minerals Holdings, which is owned by Prosperity International Holdings (HK) Ltd, through its subsidiary, TCC International Holdings Ltd.

The purchase deal, signed in Beijing, covers all of Prosperity Minerals' cement production except its plant in Anhui Province.

Taiwan Cement chairman Koo Cheng-yun said China will need a huge amount of cement for its construction in the next 10-15 years.

By purchasing Prosperity Minerals, Taiwan Cement's cement output will increase to 50 million tons - 40 million tons of which will be in China, according to CNA.