August— China National Building Material (03323.HK) intends to sell four cement companies, reports the China Business News. The company will sell 51 percent stakes in Shaoxing Southern Cement, Zhuji Southern Cement, Deqing Jiayuan Southern Cement and Haining Sanshi Cement for a total of 111 million yuan.

A slumping cement price in Zhejiang province spurred China National Building to begin a cement asset acquisition in Zhejiang at the end of 2006. The current selling targets were acquired by the company after 2006.

However, with the exception of Shaoxing Southern Cement, the three other cement companies all posted losses in 2010. Sanshi Cement reported sales revenue of 35.15 million yuan and a loss of 8.57 million yuan. Zhuji Southern Cement posted sales revenue of 160 million yuan, with a loss of 7.24 million yuan. Deqing Jiayuan reported sales revenue of 65.85 million yuan and a loss of 16.62 million yuan.

Source:capitalvue