SOCAM Development to Sell Stake in Cement Joint Venture for HK$2.55 Billion
March 02 2015 - 8:09PM
Dow Jones News
By Joanne Chiu
SOCAM Development Ltd. (0983.HK) agreed to sell its entire stake
in a cement making joint venture to its French partner for 2.55
billion Hong Kong dollars ($329 million).
The Hong Kong-listed company said Tuesday it will sell a 45%
stake in Lafarge Shui On Cement Ltd. to Financiere Lafarge, a unit
of France's cement and concrete producer Lafarge S.A.
It expects to book a HK$103 million gain from the stake
sale.
SOCAM Development, which has been seeking to sell its cement
operations since 2013, said the disposal would allow it to focus on
its construction business and to capture opportunities arising from
a massive public housing programme recently announced by the Hong
Kong government.
Write to Joanne Chiu at joanne.chiu@wsj.com
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