Tianshan shares announced in the evening of July 26 that Sinoma Cement , a holding subsidiary of the company, intends to set up a new SPV company in the United Arab Emirates through its wholly-owned subsidiary, Hong Kong SPV Company, and introduce other investors. Acquisition of 100% equity of CJO in Tunisia and its affiliated GJO with SPV in the United Arab Emirates as the main body.
The final acquisition price is based on US $130 million (approximately RMB943 million), which is determined by adjusting the difference between the audited cash, debt and working capital on the actual delivery date and the corresponding level of the delivery account on the valuation base date, with a maximum of US $145 million (approximately RMB1.05 billion).
The target company has a long history of operation, stable operation, close to the port, superior location conditions, and is a mature comprehensive cement enterprise in the regional market.
Tianshan shares said that after the completion of the acquisition, it will help to promote the international layout of the company's cement business, expand the scale of the company's assets, enhance future profitability and improve the company's sustainable operation ability. In a recent institutional survey
, Tianshan said that the company focused on the goal of world-class integrated service providers of basic materials, steadily promoted international development, and had made clear that its holding subsidiary, Sinoma Cement, was an overseas investment and operation platform. We will unswervingly promote international development , and are actively and steadily accelerating the landing of target projects in the year, opening up market space and increasing profit space.
