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Jidong Cement to place RMB 1.91-bln shares to Diamondrock Inv't

Jun. 30, 2011 (China Knowledge) - Tangshan Jidong Cement Co Ltd<000401>, a construction materials manufacturer and distributor based in Tangshan, Hebei Province, announced yesterday that it has secured approval from the China Securities Regulatory Commission to raise up to RMB 1.91 billion through a private placement.

The cement maker said earlier that it plans to issue 134 million shares at RMB 14.21 apiece to Diamondrock Investment Ltd, a wholly-owned subsidiary of Direct Manage Investments Ltd.

After the completion of the deal, Diamondrock Investment will hold a 10% stake in the Shenzhen-listed company.

Analysts said that the company's sales of cement and clinker, excluding sales of its joint ventures, will reach 66 million metric tons this year, 39.8% more than that in 2010, with average sales price rising 8%. Gross profit margin will be 34% this year.

The company's net profit attributable to shareholders reached around RMB 1.4 billion in 2010, up 40.88% year on year, and its operating revenue surged 58.29% year on year to RMB 11.06 billion last year, China Knowledge reported earlier.

The cement maker sold a total of 56.81 million metric tons of cement and clinker in 2010, reflecting a year-on-year increase of 49%.

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