China: Gezhouba Group Cement and Hubei Zhongxia Cement Company have signed an agreement to form a joint venture to restructure the assets and businesses of Zhongxia Cement.
Under the terms of the agreement, the joint venture with a registered capital of US$190m, will be engaged in production and sales of cement, clinker and fine slag powder and opencast mining of limestone for cement uses. Gezhouba Cement will hold 51% of the joint venture and Zhongxia Cement will hold the remaining 49%. The joint venture will acquire the entire current assets of inventories for cement production and operation of Zhongxia Cement after establishment.
