China: Xinjiang Tianshan Cement, a subsidiary of China National Materials Company (Sinoma), has arranged to sell stakes in two of its companies to Zhongtai Chemical. Zhongtai Chemical will acquire a 64.6% equity interest in Xinjiang Midong Tianshan Cement and the entire equity interest in Xinjiang Fukang Tianshan Cement, currently held by Tianshan Cement. It will also acquire a 19.47% equity interest in Midong Tianshan held by Xinjiang Tunhe Cement.
Sinoma said that the equity transfer aims to respond to the national policy of production capacity reduction, quality improvement and efficiency enhancement, and to realise the preservation and appreciation of the assets of Tianshan Cement.
