Jun. 25, 2012 (China Knowledge) - Anhui Conch Cement Co Ltd<600585><0914>, the biggest cement producer in Asia by output, announced yesterday that it has completed the acquisition of a 19.99% stake in Xinjiang Qingsong Building Materials and Chemicals (Group) Co Ltd<600425>.

The company said in a statement filed with the Shanghai Stock Exchange that it, together with an Anhui Province-based fully-owned subsidiary, bought 137.8 million shares of Qingsong Building Materials through a private placement.

Qingsong Building Materials earlier announced plans to issue up to 262 million shares at RMB 13.53 apiece through a private placement. Proceeds from the offering will be used to fund three cement projects.

Anhui Conch Cement said earlier this month that it expected its net profit for the first half of this year to fall at least 50% from RMB 5.99 billion in the same period of 2011.