YTL Cement completes divestment of China subsidiary

YTL Cement (Hong Kong), a subsidiary of YTL Corp Bhd, has finalised the disposal of its 100 per cent equity interest in Zhejiang Hangzhou Dama Cement Co Ltd (Dama Cement), according to local press reports.
 
Dama Cement owns a cement plant in Lin’an district, Zhejiang Province, China. YTL Cement invested in the company in 2007 and has seen aggregate returns of about CNY1.3bn (US$200.8m), said a statement. The price of the disposal was undisclosed.
 
“This is an ideal time for us to make an exit given the current highly attractive valuation of the business,” said YTL group executive chairman, Tan Sri Francis Yeoh.
 
YTL Cement group managing director, Seri Michael Yeoh Sock Siong, added: “This disposal is well-aligned with our focus on establishing ourselves as an industry leader in the regional cement market.”
 
“Dama was our first substantial foray into China’s cement industry, a major supplier in Hangzhou. The vital insight and knowledge that we have gained will be used in our plans to expand our operations within Southeast Asia,” he said.