Jinyu Group (02009) announced that on April 29, 2024, Jidong Cement (the company's A-share listed subsidiary) signed an equity transfer agreement with the China-Africa Fund. Jidong Cement conditionally agreed to acquire 40% of the shares of China-Africa Jidong Building Materials Investment Co., Ltd. from the China-Africa Fund, at a consideration of approximately RMB 200 million.
Through the acquisition of the target shares, Jidong Cement will hold shares in the target company and its subsidiary Mamba Cement Co., Ltd., making Mamba Cement's management rights consistent with the shares, improving management and decision-making efficiency, and continuing to enhance the overseas business layout of Jidong Cement and the company.