March 13, Western Cement announced that in order to further optimize the company's investment structure, reduce debt ratio, save interest costs, allocate resources more effectively, strengthen the strategic focus on key development areas, promote the expansion and deepening of the group in overseas markets, and enhance the overall operational efficiency and long-term competitiveness of the group. The Company is currently in preliminary negotiations with potential buyers for the disposal of certain assets of the Group in the PRC.
As at the date of this announcement, the potential disposal is still in the stage of preliminary negotiation and due diligence. The Company has not entered into any legally binding agreement or formal document with the relevant parties, and the principal terms of the transaction have not yet been determined.
It is worth noting that the potential buyer is an associate of Conch International Holdings (Hong Kong) Limited, a major shareholder of the Company. According to the Listing Rules of the Hong Kong Stock Exchange, if the transaction is finalized, it will constitute a notifiable transaction and a connected transaction, which requires the corresponding approval and disclosure procedures.
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