China Resources Cement Holdings Ltd said it will pay about 61.9m yuan (US$7.5m) for an effective 20.36 percent stake in its cement subsidiary in China’s southwestern province of Guangxi.
The acquisition will boost the interest of China Resources Cement, a sister company of China Resources Enterprise Ltd, in Guangxi China Resources Hongshuihe Cement Co Ltd. to 90.36 per cent, it said in a statement.
"The acquisition will enable the company to centralise the management and operations of Guangxi CR Cement and effectively integrate the operation of Guangxi CR Cement with other cement plants of the group," it added.
