China: China 22MCC Group Corporation Limited, a wholly-owned subsidiary of the China Metallurgical Group Corporation (MCC), plans to sell its cement assets for a combined US$9.05m, according to the China Beijing Equity Exchange.
China 22MCC Group plans to sell a 6.74% stake in Jidong Cement Luan County Corporation for about US$6.98m and a 9% stake in Tianjian Jidong Cement Corporation for about US$2.07m. In the first half of 2015, Jidong Cement Luan County Corporation reported an operating revenue of US$30.9m and a net loss of US$6.07m, while Tianjian Jidong Cement Corporation reported an operating revenue of US$13.5m and a net profit of US$281,168.
Statistics show that in January – July 2015, China's cement industry earned profits of US$2.31bn, down by 63.8% year-on-year.
