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Updated Wednesday, December 2, 2009 10:49 am TWN, AFP

Taiwan Cement to buy China unit for US$515 mil.

TAIPEI, Taiwan -- Taiwan Cement Corp said Tuesday it had forged an agreement with Hong Kong-listed Prosperity Minerals Holdings to acquire its cement production facilities in China for US$515 million. Taiwan Cement, the island's leading cement manufacturer by revenue, said that through its TCC International Holdings, it signed a memorandum of understanding with Prosperity Minerals to buy its Upper Value Investment unit. It said the deal was worth four billion Hong Kong dollars, without providing details.

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