China: Gezhouba Group Cement, a subsidiary of China Gezhouba Group, has signed an agreement with Hubei Zhongxia Cement to set up a joint venture to restructure the assets and businesses of Zhongxia Cement.
The joint venture, with a registered capital of US$190m, will be engaged in production and sales of cement, clinker and fine slag powder and opencast mining of limestone for cement uses. Gezhouba Cement will hold 51% of the venture and Zhongxia Cement will hold the remaining 49%. The venture will acquire the entire current assets of inventories for cement production and operation of Zhongxia Cement after establishment.
