China National Building Material said its 80%-owned subsidiary South Cement Company Limited entered into the share transfer agreement with the parent China National Building Material Group Corporation to acquire 30.09 million shares in Fujian Cement Inc., representing about 7.88% of the of issued share capital of Fujian Cement, at CNY226m (equivalent to about HK$264 million).
South Cement is to pay CNY162.5m (equivalent to about HK$190m) to China National Building Material Group within today and the balance will be payable upon the obtaining of approvals from the State-owned Assets Supervision and Administration Commission of the State Council, in any event before the interests are transferred to South Cement.
