Jidong Cement acquires Shuangyashan New Era Cement for $90M

BBMG Corp (SSE:601992) announced its subsidiary, Jidong Cement, will acquire 100% of Shuangyashan New Era Cement Co., Ltd. for approximately ¥635 million (around $90 million USD). The acquisition price is based on a pre-assessment valuation and subject to final approval by relevant state-owned asset supervision authorities. Shuangyashan New Era Cement, located in Heilongjiang province, operates a 4000t/d clinker production line and a 2.6 million ton cement grinding station. For the year ended December 31, 2023, Shuangyashan New Era Cement reported total assets of ¥632 million, net assets of ¥195 million, and net profit of ¥18.5 million. The acquisition is expected to strengthen Jidong Cement's presence in the northeastern China market. The transaction does not constitute a related party transaction or a major asset restructuring.