Shui On Construction and Materials acquired an 80% share in Yunnan Cement for US$49.2 million from Yunnan National Assets Operation in Yunnan province, according to a South China Morning Post report. Yunnan Cement owns four main plants including Kunming Cement, Kaiyuan Cement, Dongjun Cement and Yunnan Kaixin. France-based construction materials firm Lafarge has an option to acquire a 40% share of Yunnan Cement from Shui On for US$24.6 million during the next nine months. The Hong Kong-based property developer said that it plans to restructure the assets of Yunnan Cement and then transfer their ownership to a joint venture it will form. The deal came in spite of recent government efforts to calm investment in the cement and building metals sectors.
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