China Shanshui Cement Group Ltd said on Thursday that a major shareholder had offered to divest its 25 per cent stake in the company for around US$600m. China Shanshui Investment (CSI) has invited three other big shareholders to buy its holding for HKD5.50 (US$0.71)/share, the Hong Kong-listed cement maker said in a filing, although it added that there was no certainty that a deal would be done.
CSI made its offer to sell to Taiwan's Asia Cement Corporation, China National Building Material Co Ltd, and Tianrui (International) Holding Co Ltd.
The stock has not traded since April 2015, when Tianrui Group raised its stake to become the company's biggest shareholder and its public float fell below the 25 per cent minimum allowed. Its last traded price was HKD6.29.
Asia Cement, which owns 16 per cent of the Shanshui Cement, has also sought to gain control. It originally tried to buy out the company in July 2015, but didn't follow through with an offer. It said in March that it had a conditional agreement to buy shares in CSI.
Chang Zhangli, vice president of China National Building Material, said in an email that there was little clarity about CSI's offer and whether the shares were fairly valued.
