On August 25, the Shanghai Municipal Market Supervision and Administration announced that Conch (Zhejiang) Holding Co., Ltd. had acquired the control rights of Fuzhou Taini Cement Co., Ltd. and other two companies through contracts. The publicity period is from August 25, 2023 to September 3, 2023.
Conch (Zhejiang) Holding Co., Ltd. ( "Zhejiang Conch") is entrusted by Taiwan Cement International Group Co., Ltd. ( "Taiwan Cement International") to manage the production and operation of Fuzhou TCC Cement Co., Ltd. ( "Fuzhou TCC") and Fuzhou TCC Yangyu Wharf Co., Ltd. ( "Yangyu Wharf", together with Fuzhou TCC, the "Target Company").
Fuzhou TCC is principally engaged in the production and sales of cement, and Yangyu Terminal is principally engaged in port operations. Prior to the Transaction, Taiwan Cement International held 100% equity interest in the Target Company and solely controlled the Target Company; after the Transaction, Zhejiang Conch (through the Entrustment Management Agreement) and Taiwan Cement International (through holding 100% equity interest) jointly controlled the Target Company.
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