Asia Cement China owner to take company private in $647 million deal

06 Jun 2024 CW Team

The majority owner of Asia Cement (China) Holdings Corp has proposed to privatise the cement manufacturer in a deal worth HK$5.05 billion ($646.6 million), according to statements from the companies on Wednesday. This move comes amidst challenges faced by construction suppliers amid the crisis in China's property sector.

As part of the privatisation offer, Taiwan-listed Asia Cement Corp is extending an offer of HK$3.22 for each share of Asia Cement China that it does not already possess, representing a 3% discount compared to the Hong Kong-listed firm's closing price on May 28.

Trading in Asia Cement China shares was halted in Hong Kong on May 28 pending an announcement on takeovers and mergers after experiencing a substantial surge of up to 47%, marking its largest intraday increase since November 2008. Additionally, on May 27, the shares had rallied by 14%, leading to a market capitalisation of $666 million, significantly lower than its peak of $2.8 billion in July 2019. The Hong Kong-listed firm has applied to resume trading on Thursday.

Currently, Asia Cement Corp holds a 67.73% stake in the Hong Kong-listed unit, which reported a first-quarter loss of approximately $17.9 million in April.

China's property market is grappling with high levels of debt, impacting construction suppliers across the country. In response, Beijing has introduced stimulus measures to address the housing market's decline. Asia Cement China has faced challenges in recent years, including a downturn in its revenue and profit, attributed to factors such as the property market crisis, the Covid-19 pandemic, rising interest rates, and intensified competition.

Asia Cement Corp, listed in Taiwan, is owned by Far Eastern New Century Corp, a conglomerate involved in various industries ranging from shipping to telecommunications. (Source: ET)

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..