TCC Int' Infrared Camera l to acquire cement firm for...
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TCC Int'l to acquire cement firm for HK$3.8 blnPublished: 21 Dec 2009 01:17:43 PST
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Dec. 21, 2009 (China Knowledge) - TCC International Holdings Ltd<1136>, a Taiwanese company engaged in the cement business in Hong Kong, on Dec. 18 announced that is has agreed to purchase the equity and shareholder loans of a mainland cement firm called Upper Value Investments Ltd from Prosperity Minerals Holdings Ltd for HK$3.8 billion, a price lower than the expected HK$4 billion, sources reported.
Upper Value Investments aims to produce 15.5 million tons of cement in 2010. The total cement output of the company and the Hong Kong-listed firm is expected to hit 26.85 million tons this year and to exceed 40 million tons after three new plants complete construction next year.
TCC International Holdings is 44% owned by Taiwan Cement Co Ltd, the largest cement producer in Taiwan by revenue.
Prosperity Minerals Holdings is a subsidiary of Prosperity International Holdings (HK) Ltd<0803>.
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