China's CNBM, Jiangxi Cement plan 1 bln yuan JV

China's Jiangxi Wannianqing Cement Co. Ltd. (000789.SZ: Quote, Profile , Research) said on Wednesday it plans to form a 1 billion yuan ($132 million) joint venture with China National Building Material Co. (CNBM) (3323.HK: Quote, Profile , Research).

The companies hope to jointly tap the cement market in the eastern province of Jiangxi through the venture, whose annual production capacity for high-grade cement would reach 30 million tonnes, Wannianqing said in a statement.

Trading in the domestic-currency A shares of Jiangxi Cement has been suspended since July 16 pending an announcement. ($1=7.572 Yuan)