Tianshan Cement completes acquisition of Tunisian cement firm

Xinjiang Tianshan Cement (SZSE:000877) announced that its subsidiary, China Materials Cement (Hong Kong) Investment Co., Ltd. (Hong Kong SPV), through its UAE-based venture, has completed the acquisition of Société les Ciments de Jbel Oust (CJO) and its holding subsidiary Granulats Jbel Oust (GJO). The total acquisition cost was USD 145 million. All rights and obligations under the share purchase agreement have been transferred to the UAE SPV company. The transaction has received all necessary approvals, including those from the National Development and Reform Commission of the People's Republic of China, the Ministry of Commerce, and antitrust clearances. With the shareholder change registration complete, Tianshan Cement now holds 100% equity in both CJO and GJO.