Sinoma to hike cement output with Qilianshan stake buy

China National Materials Co Ltd (Sinoma) is increasing its shareholding in Gansu Qilianshan Cement Group Co Ltd to further expand capacity, the cement equipment and engineering services provider said in a statement on its website yesterday.

Sinoma plans to buy a 51 percent stake in Gansu Qilianshan Holdings Co, which is the largest shareholder of the Shanghai-listed Qilianshan Cement with a 12.78 percent stake, for 333 million yuan.

The deal is by far the largest in China's cement industry this year, said sources.