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| Cimpor acquires 60% interest of New Liuyuan Cimpor Chengtong Cement Corporation, Limited (CCCC), a subsidiary of Cimentos de Portugal, SGPS, S.A. (Cimpor), signed a binding agreement for the acquisition of 60% of the share capital of Shandong Liuyuan New Type Cement Development Company, Limited (New Liuyuan), with the remaining 40% being held by Shandong Liuyuan Cement Company, Limited. CCCC, recently incorporated, with headquarters in Hong Kong and a share capital of HKD 10 thousand, is 80% held by Cimpor Inversiones, S.A., and 20% by China Chengtong Cement Group, Limited (CCCG), a subsidiary of China Chengtong Development Group, Limited. Cimpor Inversiones, S.A., will briefly transfer its shareholding in CCCC to a new company, which will be incorporated in Macau, with the participation of Cimpor Inversiones, S.A., C+PA – Cimentos e Produtos Associados, S.A., and Sociedade de Investimento Predial Estrela Nova, Limitada, a Macao company controlled by Chinese investors. Cimpor Inversiones, S.A., will hold 50% of the share capital of this new company and the two remaining shareholders 25% each. New Liuyuan is a cement company, located near the City of Zaozhuang, on the south of the Shandong Province, owning two clinker production lines (1.8 million tons per year) and a milling annual capacity correspondent to 1.2 million tons of cement. CCCC will pay CNY 20.7 million (around EUR 2.1 million) for 60% of New Liuyuan's equity, an amount corresponding to an asset value of USD 29 per ton of clinker production installed capacity, a very attractive multiple taking into consideration the most recent acquisitions in the Chinese and worldwide cement sector. write your comments about the article :: © 2006 Construction News :: home page |