Friday, March 07, 2008

Sinoma's subsidiary inks ¬6 mln deal with Lafarge

China Sinoma International Engineering Co. Ltd<600970>, a listed unit under the county's leading construction material supplier China National Material Group Corporation (Sinoma), has signed an Euro 600 million binding contract with France-based Lafarge.

Under the agreement, the Chinese counterpart will build six turnkey cement plants for Lafarge, as part of the French group's plan to add 45 million tons of cement capacity between 2006 and 2010 to meet the rising demand in the emerging markets, such as China.

Lafarge will set up three plants in China, including one in southwest China's Chongqing. The Chongqing plant, with annual production capacity of over 2 million tons, is scheduled to be completed by the end of 2009.

The shares of the Chinese firm have soared by 31.53% accumulatively within 6 consecutive trading days. Its shares surged as much as 9.3% to RMB 78 on the Shanghai Stock Exchange yesterday.

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