China: Xinjiang Tianshan Cement Co Ltd, a cement and concrete manufacturer based in the Xinjiang Uygur Autonomous Region, has today announced plans to raise up to US$444m via a public offering for six projects. According to the prospectus, the Shenzhen-listed firm will issue up to 120 million new shares at a price of US$3.27 each.
The proceeds will be used to build five cement production lines and a 1Mt/yr cement grinding facility in Xinjiang. Upon completion the projects company would see the company increase its number of cement production sites from 11 to 16.
By the end of 2013, the firm's total output capacity is expected to reach 46Mt/yr, of which 40Mt will be produced in Xinjiang. The cement supplier also targets 50Mt output capacity for 2015, including a massive 45Mt in Xinjiang.