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Jiangxi Wannianqing Cement buys cement assets for RMB 300 mlnPublished: 02 Jul 2009 01:09:09 PST
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Jul. 2, 2009 (China Knowledge) - Jiangxi Wannianqing Cement Co Ltd<000789>, which is engaged in the production and sale of Portland cement and Portland cement clinker, has announced that its wholly-owned subsidiary on Jun. 30 signed a contract to purchase a 50% stake in a local cement producer, Jiangxi Jinxi Cement, for RMB 300.53 million, sources reported.
Jiangxi Wannianqing Cement will buy the 50% stake from Ye Qing, one of Jiangxi Jinxi Cement's founders.
As of Mar. 31, Jiangxi Jinxi Cement's book value of net asset was RMB 320.33 million. The company reaped RMB 2.69 million in its core business. Its net loss reached RMB 8.38 million in the first quarter of this year.
Until yesterday, the book value of Jiangxi Cement's intangible assets was RMB 22.03 million, but the assessed value was 62.66 million, reflecting a value-added ratio of 284.44%. The book value of fixed assets was RMB 447 million compared with an assessed of RMB 529.9 million, sources reported.
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