TAIWAN, Dec 02, 2009 (SinoCast Daily Business Beat via COMTEX) -- TGBMF | Quote | Chart | News | PowerRating -- Taiwan Cement Co., announced on November 30, 2009 that it would spend HKD 4 billion acquiring Upper Value Investment Ltd., a cement plant in Mainland China under the wing of Hong Kong-based Prosperity Minerals Holdings Ltd.
The move is expected to help the Taiwan-based company lift its total output of cement to more than 40 million tons from current 24.5 million tons in the mainland so that it can replace Anhui Conch Cement Co., Ltd. (SHSE: 600585) to be a locomotive in the south China cement sector. Annual output of the plant is about 18 million tons. Besides, the buyer is said to purchase other cement production lines under the Hong Kong-based company, with annual output of 10 million tons.
Taiwan Cement Chairman Leslie Koo said that this was the first step for the company's layout in the mainland and likely to support its future development by cooperation with other Chinese
Source: tradingmarkets.com/
No comments:
Post a Comment