CR Cement announces a HK$1.24 billion purchase in South China

Byswb

Updated Mon, 06 Dec 2010 00:00:00 GMT

China Resources Cement Ltd.(CR Cement), one of the largest cement manufacturers in South China,  today announced to buy Yuexiu Cement's cement and concrete business in Guangzhou and Hongkong for 1.24 billion Hongkong dollars.

According to the announcement, the deal covers three cement and concrete units with a cement production capacity of 8.2 million tons and a concrete capacity of 1.1 million cube meters. CR Cement will have 50% shares of the three firms mentioned above.

This purchase will further enhance CR Cement's market share and its leading position in South China cement market, the announcement said.