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BIZCHINA / Construction
Anhui Conch Cement to sell shares to boost production
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Updated: 2007-06-26 16:11
Anhui Conch Cement Co plans to sell shares valued at 11 billion yuan
(US$1.4 billion) in Shanghai to upgrade power equipment and boost output.
The company, China's biggest maker of the construction material, will
offer 200 million new shares, equal to an 11.3 percent stake after the
sale, Conch said in a Shanghai stock exchange statement today, without
giving a price or timing. The stock closed at 55 yuan yesterday.
Conch will spend part of the funds on new boilers and generators,
advancing a government goal of curbing pollution in China, the world's
biggest maker and user of cement. The offer adds to about US$13.5 billion
of equity sales announced in the past two months as China pushes
State-owned companies to raise funds to help damp demand in a market that
has almost doubled in 2007.
The new power equipment will cut energy consumption and save costs, Anhui
Conch said. The company, based in China's eastern Wuhu City, will also
use some of the proceeds to boost annual cement production capacity to
about 87 million tons from 65 million tons. China produced 19 percent
more cement last year from a year earlier, according to the government.
(For more biz stories, please visit Industry Updates)
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