Asia Cement Co is preparing to acquire Halla Cement Corp with a reported bid between KRW700bn (US$627m) and KRW800bn, according to Deal Street Asia.

The South Korean company Halla Cement operates one integrated cement plant with a cement production capacity of 9Mta. The company reported EBIT of KRW62.8bn in 2016, an increase of 43 per cent YoY.

This move will increase Asian Cement’s share of the South Korean market from seven to 20 per cent.