Sinoma's investment in Gansu to exceed RMB 5 bln by 2013

China National Materials Group Corp Ltd or Sinoma, an enterprise directly under the administration of State-owed Assets Supervision and Administration Commission of the State Council, plans to invest more than RMB 5 billion in GansuProvince by 2013, sources reported.

According to an agreement signed yesterday by the Gansu provincial government and Sinoma, the company will become the controlling shareholder of Gansu Qilianshan Cement Group Co Ltd<600720> through capital increase and stake acquisition.

In June, Sinoma injected nearly RMB 600 million into the Shanghai-listed firm, becoming the second-largest shareholder.

So far, Sinoma's investment in Gansu has exceeded RMB 2 billion, including investment in a wind turbine blade project in Jiuquan of the province and a cement production line in Baiyin.

From China Knowledge (2009-12-30)