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Adelaide Brighton Limited (ASX:ABC) has paid $28.5 million to buy a 30 per cent stake in a Malaysian white cement business.
The cement and lime manufacturer says the stake will provide a strategic position in Asia and add to the range of potential supply sources in a tightening regional cement market.
The Malaysian business is an integrated white clinker and white cement production facility located north of Kuala Lumpur.
Adelaide Brighton will fund the purchase through existing facilities and expects the transaction to be finalised this week.
Separately, the company has also today confirmed two long term supply agreements for grey clinker imports with Japanese suppliers.
Adelaide Brighton posted a net profit of $67.5 million in the first half of its 2012 financial year.
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