BBMG buys assets from parent, China

BBMG buys assets from parent, China
22 January 2010

BBMG Corp, a Beijing-based building material manufacturer, plans to spend a total of RMB1.5bn to purchase partial or entire equity in six projects from its parent, Beijing Building Materials Group Co Ltd or BBMG Group, sources reported.

 The Hong Kong-listed company intends to acquire a 60.64% stake in Tianjin Zhenxing Cement Co Ltd, a 90% stake in a cement firm in Quyang, Baoding, Hebei Province and a 100% stake in Zhuolu Yongxing Cement Co Ltd for a total of RMB 718.7 million.

BBMG will also spend RMB 763 million to purchase a 100% stake in a Beijing-based property developer, which has a property project in Haikou with a floor area of 133,000 square meters and two in Beijing, with floor areas of 610,000 sq m and 58,000 sq m respectively.

The remaining RMB 14.38 million will be used to acquire a 100% stake in a Shanghai-based building materials producer, which is engaged in the manufacture of sanitary ware, kitchen refrigeration equipment and building materials.

Last week, BBMG announced that it will acquire cement production lines of a cement plant in Pinggu District, Beijing for RMB 119 million, which have a daily capacity of 2,000 tons of cement clinker.
Published under Cement News