HONG KONG, Sept 3: Shares in China’s Sinoma International Engineering Co Ltd climbed 3 percent after it bought a majority stake in German mining equipment firm Hazemag & EPR for 104 million euros ($137 million).
Beijing-based Sinoma, a cement technology firm, bought the 59.09 percent stake from the Schmidt Kranz Group, according to a statement filed by Sinoma’s parent company, the China National Materials Co Ltd (CNM).
The deal will help Sinoma International expand its reach in mining equipment and has been approved by China’s State-owned Assets Supervision and Administrational Commission (SASAC), CNM said.
Sinoma’s Shanghai shares climbed 3.2 percent to their highest since mid-August at the resumption of trading after being suspended on Aug. 28, while Hong Kong-listed China National Materials jumped nearly 6 percent after trading was suspended on Monday.
Sinoma hired CITIC Securities as an independent third party financial advisor for the transaction.
(AGENCIES)
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