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)

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..