China's Huaxin Cement completes issue of 75.2 mln shares to Holchin


Updated 2008-02-18

BEIJING (XFN-ASIA) - Huaxin Cement Co Ltd (SHA 600801; SHB 900933) said it completed a new-share issue to Holchin BV, a wholly-owned unit of Switzerland's Holcim, placing 75.2 mln shares.

The issue incorporates price revisions from a March 7, 2006 proposal, as well as a reduction from the originally planned 160 mln A-shares, after the authorities ruled that the transaction must reflect more recent prices.

In a statement filed with the Shanghai Stock Exchange, Huaxin said the share issue was finally priced at 26.95 yuan per share, against the closing price of 5.82 yuan on the day after the announcement in 2006.

The company said it raised 2.027 bln yuan from the issue. Holchin now holds a 39.88 pct stake in Huaxin, the largest shareholder.

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