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| Huaxin Cement completes private placement to Holcim China’s Huaxin Cement Co. Ltd (HCC), has completed a capital increase through a private placement to Swiss cement giant Holcim. Holcim has acquired 75.2 million newly issued A-shares for CNY 26.95 per share. Furthermore, the Group has been exempted from making a tender offer to the other shareholders. Holcim's shareholding in HCC thus increases from 26.1 percent to 39.9 percent and the Group becomes the company's single biggest shareholder. The transaction corresponds to an investment of USD 282 million and is entirely financed through internal resources and existing credit facilities. HCC will use the proceeds of the private placement to finance further growth. With an annual cement capacity of 32 million tonnes HCC is one of China's most progressive cement groups. The company disposes of only modern production facilities. In the first nine months of 2007, HCC achieved sales of USD 423 million with a staff of some 7,000. write your comments about the article :: © 2008 Construction News :: home page |