Hong Kong-listed Sinoma to invest 1.5 bln yuan in Guangdong cement plants

China National Materials Co Ltd (Sinoma, 1893.HK) said it plans to invest 1.5 bln yuan to build new cement plants in Luoding, Guangdong province.

Sinoma Cement, a unit of Sinoma, has entered into a framework agreement with Luoding Municipal Peoples' government to build three new dry process cement production lines with a daily capacity of 5,000 tons, to reach a total of 6 mln tons of annual production capacity.

Sinoma Cement said it will invest not less than 1.5 bln yuan in the five years after the signing of the agreement.

Under the agreement Luoding Municipal Peoples' government will grant preferential treatment in transportation, supply of electricity and water, taxation treatment and land acquisition.

(1 usd= 7.30 yuan)