China National Building Material gets RMB5bn assets

China National Building Material gets RMB5bn assets
Published: 05 January 2009

The state-owned Inner Mongolia Power Group has agreed to transfer all of its equity holdings in Inner Mongolia Volan Cement Group (Volan Cement) to China National Building Material Group Corp.

CNBM will receive both the equity and outstanding liabilities of Volan Cement, and staff rights in the cement group will also stay intact after the merger. Commencing operation in 2000, Volan Cement is one of the large-scale cement enterprises that gained Chinese government supports.  It has five production lines, maintaining an annual production volume of 6 million tons of cement, and a total asset value of almost RMB5 billion.