Chinese cement producer, Fujian Cement plans to set up a joint venture, Fujian Jianfu Southern Cement, with its second-largest shareholder, Southern Cement to consolidate the cement industry in Fujian, a southeast province in China. Both companies will conduct mergers, acquisitions and expand production capacity, reports China Securities Journal, citing a company filing.
Each company will hold a 50 per cent interest in the joint-venture will engage in cement-related activities under the ‘Jianfu’ brand name in Sanming, Longyan, Ziamen, Zhangzhou and Quanzhou.
Fujian Cement will inject part of its capacity into the joint venture and said the joint venture will help to increase capacity and assets.
Southern Cement is a wholly-controlled subsidiary of China National Building Materials.
