Shangfeng Cement to raise funds for expansion

Chinese cement producer Shangfeng Cement Co Ltd announced Tuesday to raise no more than CNY1.5bn (US$235.78m) via private placement for overseas expansion.

The company will issue no more than 161.12m shares at a price of 9.31 yuan per share. The money will be earmarked to invest in two overseas projects including a 3200tpd line in Tajikistan and a 3200tpd  line in Uzbekistan.

According to the feasibility study report, the annual revenue and profit of the production line in Tajikistan is expected to reach US$99.5m and US$65.42m respectively. The annual revenue and profit of the production line in Uzbekistan will be US$101.19m and US$64.05m, respectively. (Source: Xinhua's China Economic Information Service)