China's Jidong Cement has received shareholders' approval to transfer 100 millionn shares in Shaanxi Qinling Cement Group (Qinling Cement) to China Renewable Resources Development (China Renewable) at a price of CNY 2.75 (€0.32) per share.
As of 31 March, 2014, Jidong Cement held 185 million shares in Qinling Cement, accounting for 28.05% of the total shares. After the recent transaction, Jidong Cement will no longer be the controlling shareholder in Qinling Cement. Qinling Cement's main business will change to the recycling and collection of discarded electronic waste.
