Displaying items by tag: China Resources

China: China Resources Cement (CRC) has announced that it has agreed to acquire a 100% equity stake in Hainan Wuzhishan Dajiangnan Cement Limited at a total of US$8.4m. Hainan Wuzhishan Dajiangnan operates a 0.6Mt/yr cement grinding line in Maoyang Town, Wuzhishan City, Hainan Province.

CRC says that the acquisition will expand the strategic locations of its business and strengthen its market position in Hainan Province.

China: The chairman of West China Cement, Zhang Jimin, has said that West China's production capacity reached 23Mt/yr in 2012. Zhang added that the group plans to invest US$321m through mergers and acquisitions to increase production capacity to 30Mt/yr by 2015.

Hebei Province-based cement producer, Tangshan Jidong Cement has said that the company plans to set up a joint-venture (JV) with two cement firms in Mizhi County, Shaanxi-province. The JV will build a 2000t/day cement-clinker production line to expand the local cement market. Jidong Cement will pay US$15.7m for a 61% stake in the JV, which will have a registered capital of US$25.7m.

China Resources Cement Holdings, the largest cement producer in South China, said that its investment subsidiary will set up a JV with a local cement company in An'shun City, Guizhou province. The JV will have a registered capital of US$45m. China Resources Cement will invest US$28.1m in cash to hold a 62.5% stake in the JV while in the first phase, the An'shun company will take a 37.5% stake by providing properties and other assets worth US$17m. After completion, China Resources Cement will spend US$7.86m buying a 17.5% stake in the JV from the An'shun company, increasing its stake in the JV to 80%.

China: Shares in China Resources Cement Holdings fell by as much as 5% on the Hong Kong stock-exchange today after the cement maker warned of a sharp fall in first-half earnings. Its losses demonstrate that weaknesses in the world's second-largest economy are starting to hit corporate profits. An increasing number of companies are feeling the pinch of a slowdown in consumer demand and the economy as a whole.

China's central bank cut its policy rates in June 2012 for the first time since the onset of the global financial crisis because economic data for April and May 2012 suggested that growth was weakening more than previously thought.

Yesterday, Gansu Qilianshan Cement, a small Shanghai-listed cement producer, forecast that its net profit would decrease by at least 50% year-on-year in the first half of 2012. In the first half of 2011 it made a net profit of US$38.9m.