China National Building Material Co Ltd (CNBM) - January 2015

Shanshui Cement, in which CNBM has a 16.67 per cent stake, has been revised from ‘negative’ to ‘stable’ by Fitch Ratings. The revised rating is reportedly due to the company’s steady average selling price of cement in Shandong, the company’s core market. Prices there have remained steady at CNY240.60/t compared to CNY243.70/t in 1H13. CNBM acquired the stake back in October 2014 for HKD1.56bn (US$201m), making it the third-largest shareholder.