China: joint venture formed to restructure Zhongxia Cement

Gezhouba Group Cement Co Ltd and Hubei Zhongxia Cement Company Ltd have signed an agreement to form a joint venture to restructure the assets and businesses of Zhongxia Cement.

Gezhouba Group Cement is a China-based company that engaged in the research, development, manufacture and marketing of cement.

Under the terms of the agreement, the JV, with a registered capital of US$190m, will be engaged in production and sales of cement, clinker and fine slag powder and opencast mining of limestone for cement uses.

Gezhouba Cement will hold 51 per cent of the JV and Zhongxia Cement will hold the remaining 49 per cent. The JV will acquire the entire current assets of inventories for cement production and the operation of Zhongxia Cement after establishment.