22 April 2019

Tongli Cement to place shares to United Cement, paper says

Henan Tongli Cement Co. Ltd. (000885.CH) is planning to sell 48 million shares in a private placement to China United Cement Corp., a subsidiary of China National Building Material Co. Ltd. (03323.HK), to raise 303 million yuan (US$49.69 million), National Business Daily reported Monday. Proceeds will be used to repay debt and supplement its working capital. After the deal, United Cement will own 10.11 percent of Tongli Cement and become its second largest shareholder, the report said.

– Contact HKEJ [email protected]



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