HK Stock Market Move | WESTCHINACEMENT (02233) rose more than 7% in early trading. It is reported that the company has started the acquisition of South African cement producer AfriSam.

WESTCHINACEMENT (02233) rose more than 7% in early trading, up 5.59% as of the deadline, at 3.01 Hong Kong dollars, with a turnover of 48.237 million Hong Kong dollars. On the news front, according to European merger and acquisition reports, the Competition and Consumer Commission of Botswana recently announced that Chinese cement producer WESTCHINACEMENT has begun the acquisition of South African company AfriSam. The agency has invited stakeholders to submit their support or opposition to the "proposed merger". The consultation period is expected to end within ten days, with financial terms not disclosed. The acquirer will be West International New Building Materials, a subsidiary of WESTCHINACEMENT. This acquisition deal highlights the trend of Chinese industrial groups accelerating expansion into the African market amid slowing domestic demand. AfriSam is a large cement producer in South Africa, not publicly listed, with shareholders including some of the most influential financial institutions in South Africa. After years of restructuring, Africa's largest asset management company, the South African Public Investment Corporation, as well as Nedbank, Standard Bank, FirstRand, and Absa banks, hold significant stakes. These investors have been seeking exit strategies for some of their holdings.