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WB takes stake in China's cement maker
(Reuters)
Updated: 2005-12-23 09:35
The World Bank's private sector promotion arm on Thursday said it has
acquired 48 million shares in Anhui Conch Cement Co. Ltd., China's largest
cement maker.
Morgan Stanley Private Equity Asia has also agreed to acquire 132 million
shares in the firm, which is majority-owned by the Anhui provincial government,
the International Finance Corp. said.
The private sector development lender gave Anhui Conch Cement, a top supplier
of high-grade cement in eastern and southern China, a 650 million renminbi loan
in October.
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