China’s Jidong Cement to sell Qinling Cement stake to China Renewable

China's Jidong Cement has received shareholders' approval to transfer 100 millionn shares in Shaanxi Qinling Cement Group (Qinling Cement) to China Renewable Resources Development (China Renewable) at a price of CNY 2.75 (€0.32) per share. As of 31 March, 2014, Jidong Cement held 185 million shares in Qinling Cement, accounting for 28.05% of the total shares. After the recent transaction, Jidong Cement will no longer be the controlling shareholder in Qinling Cement. Qinling Cement's main business will ch
June 12, 2014 Read time: 1 min

China's Jidong Cement has received shareholders' approval to transfer 100 millionn shares in Shaanxi Qinling Cement Group (Qinling Cement) to China Renewable Resources Development (China Renewable) at a price of CNY 2.75 (€0.32) per share.

As of 31 March, 2014, Jidong Cement held 185 million shares in Qinling Cement, accounting for 28.05% of the total shares. After the recent transaction, Jidong Cement will no longer be the controlling shareholder in Qinling Cement. Qinling Cement's main business will change to the recycling and collection of discarded electronic waste.

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China: Qinling Cement's losses widen 113.88% in 2014

China-based Shaanxi Qinling Cement will push for a major asset restructuring in 2015, after it reported a second-year loss of CNY 250mn (€37.75 million/US$39.91 million) in 2014. The losses widened 113.88% from a year ago, due mainly to lower output and sales and reduced average selling price of cement and higher expenses. The company's revenue declined 15.46% to CNY 674 million. Qinling Cement has disclosed that it targets to produce and sell 3.85 million tonnes of cement in 2015.

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