WB takes stake in China's cement maker
(Reuters)
Updated: 2005-12-23 09:35

The World Bank's private sector promotion arm on Thursday said it has acquired 48 million shares in Anhui Conch Cement Co. Ltd., China's largest cement maker.

Morgan Stanley Private Equity Asia has also agreed to acquire 132 million shares in the firm, which is majority-owned by the Anhui provincial government, the International Finance Corp. said.

The private sector development lender gave Anhui Conch Cement, a top supplier of high-grade cement in eastern and southern China, a 650 million renminbi loan in October.