China National Materials Company (Sinoma) said its subsidiary Xinjiang Tianshan Cement recently carried out an equity transfer framework agreement.

A 64.56 per cent stake in Xinjiang Midong Tianshan Cement and the entire equity interest in Xinjiang Fukang Tianshan Cement, both held by Tianshan Cement, as well as the 19.39 per cent stake in Midong Tianshan held by Xinjiang Tunhe Cement are to be under consideration for acquisition with Zhongtai Chemical.

Sinoma added the equity transfer aims to respond to the national policy of de-capacity, quality improvement and efficiency enhancement, and to realize the preservation and appreciation of the assets of Tianshan Cement, reports ET Net News.