China’s Dongwu Cement to generate HKD 52mn via shares placement

In order to replenish working capital and support the acquisition of the entire shares in Shanghai Biofit Environmental Technology, Dongwu Cement International plans to raise around HKD 51.30 million (€5.88 million/US$6.62 million) in net proceeds through the placement of shares worth around HKD 52 million. As much as 40 million new shares or 7.25% enlarged issued share capital of the China-based cement and clinker producer will be placed at a price of HKD 1.3 apiece. The shareholding of Goldview Developm
January 27, 2015 Read time: 1 min

In order to replenish working capital and support the acquisition of the entire shares in Shanghai Biofit Environmental Technology, Dongwu Cement International plans to raise around HKD 51.30 million (€5.88 million/US$6.62 million) in net proceeds through the placement of shares worth around HKD 52 million.

As much as 40 million new shares or 7.25% enlarged issued share capital of the China-based cement and clinker producer will be placed at a price of HKD 1.3 apiece.

The shareholding of Goldview Development in Dongwu Cement will be reduced from 58.11% to 53.89% after the shares placement.

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China: Allied Cement's 2015 revenue drops 36.5%

In 2015, China-based Allied Cement Holdings’ revenue fell by 36.5% year-on-year to HKD 465.7 million (€53.76 million/US$60.03 million).

The cement and clinker producer incurred a loss of HKD 34.24 million, which translates into a loss per share of HKD 0.69.

Allied Cement's sales of clinker and cement fell by 17.4% to 2 million tonnes during this period.

Shanghai Allied Cement and Shandong Allied Wangchao Cement, Allied Cement units, also saw decreases.

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