China: A subsidiary of National Materials Group (Sinoma) is buying a 59.1% stake in German mining equipment firm Hazemag & EPR for US$137m. The Chinese state-owned cement equipment manufacturer and cement producer made the announcement in a statement filed to the Hong Kong stock exchange.
"It will improve the technique, strengthen the management and establish the channels for the purpose of rapid expansion of Sinoma International to the field of mining equipment and generate more return for the group when Hazemag makes more profit in the future," said Sinoma chairman Liu Zhijiang in the statement.
