Two China Shanshui Cement shareholders make deposit for proposed acquisition

Two shareholders of China Shanshui Cement Group Ltd have made a deposit for their proposed acquisition, Bloomberg reports.

China National Building Material Co. and Taiwan’s Asia Cement Corp, which combined hold 37.6 per cent in Shanshui, each put in US$700m at Hong Kong’s Securities and Futures Commission on 11 August as cash confirmation for the general offer, Doris Wu, chief financial officer of Asia Cement told Bloomberg. The two companies reiterated on 9 October that they’re still considering the terms of a possible offer.

Henry Li, chief financial officer of Shanshui, confirmed the deposit, the report stated.

Shanshui has been mired in a shareholders’ fight for control since April. Its largest shareholder Tianrui International Holding Co has been trying to change Shanshui’s board.