The overseas strategy of Huaxin Cement has fallen again. The company announced on the evening of June 17 that its wholly-owned subsidiary, Huaxin Hong Kong (Cambodia) Investment Co., Ltd., as the main investor, completed the capital increase of CCC Cambodia with 24 million US dollars in cash and became the largest shareholder of the latter.
In February this year, the company signed a share issuance agreement with CCC and its shareholders, and agreed to increase the capital of CCC by Huaxin Cement in cash. Since then, the project application has been approved by the Cambodian government, and the company paid the equity subscription to CCC on June 17. After the completion of the capital increase, the total share capital of CCC increased from US $32 million to US $60 million, with Huaxin Cambodia as the largest shareholder, holding 40% of the shares. According to the disclosure, CCC is building a 3200 t/d new dry process cement clinker production line, which is expected to be put into operation in the second half of this year.
The investment in CCC is the second overseas investment project of Huaxin Cement after its investment in Tajikistan. The 3000t/d cement clinker production line project of Yawan Company in Tajikistan was completed and put into operation last year, and quickly became the largest cement enterprise in the country.
Huaxin Cement said that steadily promoting overseas development and domestic integration is its established strategy, which aims to reduce the impact of local market fluctuations on the company by optimizing the layout.
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