Jones Day advised Yue Xiu Enterprises (Holdings) Limited in the sale of its cement and ready-mix concrete business to China Resources Cement Holdings (Hong Kong) Limited for HK$1.24 billion (US$159 million). The Mayor of Guangzhou officiated at the signing ceremony held in Guangzhou on December 5, 2010, which was attended by senior officials from the Guangzhou Municipal Government, China Resources Group, and the Yue Xiu Group.
Yue Xiu Enterprises (Holdings) Limited is the principal investment vehicle of the Guangzhou Municipal Government in Hong Kong. China Resources Cement Holdings Limited, listed on the main board of the Hong Kong Stock Exchange, engages in cement and concrete operations.
M&A partner Barbara Mok leads the Jones Day deal team, which includes Fay Ng and Cindy Hua in Hong Kong.
Jones Day also advised Yue Xiu Group on another transaction, which was concluded at the same signing ceremony on December 5th. The Firm acted for Yuexiu Property Company Limited in the sale of its supermarket business in Guangzhou City to China Resources Enterprise, Limited (“CRE”) for RMB 36.7 million (US$5.5 million). The subject of this transaction is the Guangzhou Homecity Supermarket which operates a chain of over 100 supermarkets in Guangzhou.
The core business of Yuexiu Property Company Limited is property development and investment, with a main focus in Guangzhou City. CRE focuses on consumer businesses in China and Hong Kong, with core activities being retail, beverage, and food processing and distribution. Both companies are listed on the Main Board of the Hong Kong Stock Exchange and Yuexiu Property Company Limited also is listed on the Singapore Stock Exchange.
Barbara Mok also led the Jones Day team on this transaction, which includes Brian Chan and Wai Tat Leung in Hong Kong.
Related Posts:
- None Found