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The latest update is out from West China Cement ( (HK:2233) ).
West China Cement has agreed, via an indirect wholly owned subsidiary, to acquire shares in and subscribe for new equity of South Africa’s AfriSam Holdings as part of a single, indivisible transaction. The deal, structured as a discloseable transaction under Hong Kong listing rules, carries a maximum consideration of R2.5 billion, or about USD145 million, subject to customary price adjustments and deductions.
The company’s board said the acquisition will significantly expand its cement development and operational presence in Southern Africa, tapping AfriSam’s annual production capacity of 4.5 million tons of cement, 5 million tons of aggregates and 1.5 million cubic meters of ready-mix concrete. Completion remains conditional on satisfaction or waiver of conditions precedent, and the company has cautioned shareholders and potential investors that the transaction may or may not proceed.
The most recent analyst rating on (HK:2233) stock is a Hold with a HK$3.50 price target. To see the full list of analyst forecasts on West China Cement stock, see the HK:2233 Stock Forecast page.
More about West China Cement
West China Cement Limited is a Jersey-incorporated cement producer listed in Hong Kong. The group focuses on cement and related building materials, and has been expanding its international footprint beyond its core Chinese operations, with an increasing focus on growth opportunities in emerging markets such as Southern Africa.
Average Trading Volume: 47,770,287
Technical Sentiment Signal: Hold
Current Market Cap: HK$12.56B
For detailed information about 2233 stock, go to TipRanks’ Stock Analysis page.