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China National Building Material amends subsidiaries’ new joint venture funding plans Written by Global Cement staff
25 May 2021
China: China National Building Material has amended the funding arrangements for an upcoming joint venture of its subsidiaries China United Cement and Henan Investment Group. Reuters has reported that China United Cement will now contribute US$937m to the joint venture’s registered capital, while Henan Investment Group will contribute US$622m.
CNBM begins restructuring cement business 05 March 2021
China National Building Materials (CNBM) has begun restructuring its cement business and has subsequently sold China United Cement, Sinoma Cement, as well as a 99.9 per cent stake in South Cement and a 95.7 per cent stake in Southwest Cement, to its Xinjiang Tianshan Cement subsidiary for a total consideration of CNY88.25bn (US$13.64bn).
Tianshan Cement will issue 442,343,026 consideration shares for the amount, alongside a cash consideration of CNY3.97bn. CNBM will have an 87.5 per cent stake in Tianshan Cement after the merger, up from 45.9 per cent previously.
Tianshan is expected to raise CNY5bn from up to 35 investors, including from CNBM, through private placement. The proceeds will mostly be used for the CNY4bn cash provision and to replenish working capital and pay off debts.
China National Building Materials continues restructuring globalcement.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globalcement.com Daily Mail and Mail on Sunday newspapers.