Taiheiyo Cement to transfer equity stake in Qinhuangdao Asano Cement

Japan-based Taiheiyo Cement announced that it would transfer the 71.99 per cent equity stake in its Chinese consolidated subsidiary Qinhuangdao Asano Cement to China's Qinhuangdao Changyang Concrete. A transfer price has not been disclosed, but the transfer is scheduled for the middle of September. After the equity transfer, Qinhuangdao Asano will no longer be a consolidated subsidiary of Taiheiyo Cement.

Established in 1995 in Hebei province, Qinhuangdao Asano Cement has been producing cement and aggregates. n May 2020 Taiheiyo Cement received a proposal from Qinhuangdao Concrete, which had an equity stake of four per cent, to acquire the entire stake it owns in Qinhuangdao Asano Cement.

 Qinhuangdao Asano Cement sales in 2019 reached JPY5.73bn (US$54m) with an operating profit of JPY403.7m.