Sinoma wins US$1.6 bln worth of contracts in Africa

China National Materials Co Ltd (Sinoma)<1893>, the world's largest provider of cement-producing equipment, said it has won contracts worth of US$1.6 billion to build factories in Africa, according to its filing with the Hong Kong Stock Exchange.

The deals include six production lines set in Nigeria and one set in Senegal, where the accelerating economic growth fueled the construction of houses and factories. The daily production capacity for each line will be up to 6,000 tons, said Sinoma, adding that it will provide all the technologies and main equipments.

Established in 1983, Sinoma is a central government-administered enterprise with about 90% of China's market share for cement-producing equipments and related engineering services and 22% of the global market outside China. It is devoted to enhance domestic and overseas sales after raising HK$4.2 billion (US$538 million) in its Hong Kong IPO last December.