Shanghai Allied Cement
The Group is primarily engaged in the manufacture and sales of cement and clinker, and slag powders with its principal market in mainland China.
See more information about Shanghai Allied Cement
Shanghai Allied Cement disposes of cement production group for HK$200
Shanghai Allied Cement has agreed to sell its cement manufacturing business in order to streamline distribution assets and improve its cash position.
Sunwealth Holdings Limited agreed to buy the businesses (which has a net asset valuer of just HK$50m) for HK$200m. Shares in Shanghai Allied went up 13.4 percent today.
Despite the disposed group being profit making, SAC said that returns were not in-line with its carrying cost and that it would rather not inject further cash into production.
However, SAC will now rely solely on the disposed group for the supply of cement and clinker products unless alternate source is found.
Other Shanghai Allied Cement news
- Shanghai Allied Cement proposes name change to ChinaVision Media Group, makes 3G games acquisition
2009-07-17 - Shanghai Allied Cement moves into television production with HK$36m purchase
2009-07-06 - SAC cement in profit after boosting efficiency, looking for acquisitions,HKG:1060
2009-04-23
