JP Morgan Chase increases its Anhui cement firm shareholding

A total of 4.83 million shares in Anhui Conch Cement have been disposed of by JP Morgan, which is Anhui Conch Cement's substantial shareholder, at an average price of HKD 26.59 (€3.17/US$ 3.43) each, according to information released by the Hong Kong Stock Exchange.

JP Morgan bagged HKD 128.43 million via the disposal and reduced its shareholding in Anhui Conch Cement to 13.98%, which is equivalent to 181.77 million shares in the latter.

Anhui Xinli Investment Group (Xinli Investment) has increased its shareholding in China-based Anhui Chaodong Cement (Chaodong Cement) to 17.34%, following an acquisition of 5.67 million shares at CNY 14.76 (€2.16/US$2.38) each.

Xinli Investment is now Chaodong Cement's second largest shareholder after Prosperity International Holdings (HK).

However, Prosperity International disposed all of its shares in Chaodong Cement on 23 June, 2015.

The World Cement Association has urged the industry to more swiftly adopt new technologies and put greater focus on innovation to make progress on reducing CO2 emissions.

Speaking at the association's third annual conference in Shanghai this month, WCA president and CNBM chairman Song Zhiping emphasised the importance of an industry-wide response to climate change.

“WCA supports a sustainable cement industry and encourages technical development and other steps to achieve full decarbonisation” said So