Shareholders of Asia Cement (China) reject main owner's offer

(Reuters) - Asia Cement (China)'s shareholders have rejected its majority owner's take-private offer, it said on Monday.

Taiwan-listed Asia Cement Corp had offered to take the company private at a HK$5.05 billion ($647.8 million) valuation at a time when construction suppliers continue to grapple with China's crisis-hit property sector.

Asia Cement Corp, which holds a 73.38% stake in the firm, had offered to purchase the remaining shares for HK$3.22 apiece in early June, a 3% discount to the closing price on May 28.

However, minority owners who hold a 26.62% interest in the company chose to vote against the proposal, the cement maker said.

Asia Cement (China)'s shares have fallen more than 9% since the deal was announced.