Import-export company Complant announced
that it intended to acquire a further 60% of Huaye for 290 million yuan
(US$35.8 million), The Beijing News
reports. Complant already owns 40% of Huaye, so this purchase will give it
complete ownership, allowing it to eliminate the company altogether. Since
80.4% of Huaye's capital is invested in Zenith Cement, Complant will become the
largest shareholder in that company, enabling it to take advantage of Zenith's
profitable business. According to the predictions of Complant's board, this
purchase will have a return of 13.89%.
Complant: 000151.SZ
Link:
http://www.thebeijingnews.com/news/2005/1130/05@080200.html