CNBM sells shares to pay loan, China

CNBM sells shares to pay loan, China
Published: 11 February 2009

China National Building Material Co Ltd (CNBM), China’s second largest cement manufacturer, sold HK$2.14bn worth of H-shares last week to repay loans, hoping to lower its debt-to-equity ratio to 160% from 210%, the ratio recorded in last June, sources reported.

Cao Jianglin, President of CNBM, noted that the company is capable of reaching the debt-to-equity ratio target and will probably lower the ratio even more by the end of 2009. Meanwhile, there will be no job cuts or salary decreases for management, Cao added.