CNBM sells shares to pay loan, China
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.
Published under Cement News
