Displaying items by tag: Nanjing Jiangnan Cement
Jiangsu Nan Bi to acquire 35% of Nanjin Jiangnan Cement
31 August 2016China: Jiangsu Nan Bi Property Development, a China-based property development company, has entered into a framework agreement to acquire a 35% stake in Nanjing Jiangnan Cement from Great Market for US$22.09m in cash.
Great Market is a Hong Kong-based indirect wholly-owned subsidiary of SOCAM Development Limited. Upon completion of the transaction, SOCAM’s equity interest in Nanjing Jiangnan will be reduced from 60% to 25%. Nanjing Jiangnan will cease to be a subsidiary of SOCAM, but will continue to be accounted for as a joint venture of SOCAM.
China: SOCAM Development has agreed to sell a 35% stake in Nanjing Jiangnan Cement for US$22.1m to Country Garden. Nanjing Jiangnan Cement produces and trades cement in Nanjing. SOCAM Development plans to sell its remaining 25% stake in Nanjing Jiangnan Cement to Country Garden at a later date, according to ET Net News.