CNBM to form joint venture in China
China National Building Materials, a major Chinese cement producer, is to set up a cement joint venture with a registered capital of CNY10bn (US$1.6bn).
China National will take a 50 percent stake in the joint venture, with the rest split among three domestic companies, it said on Friday.
China National will contribute CNY3bn to the joint venture – Southwest Cement Co Ltd – later this month, and contribute the remaining CNY2bn in two years.
The venture should help the company expand in southwestern China through mergers and acquisitions, it said. Published under Cement News
