China National Building Material (CNBM) said it has entered into a capital contribution agreement with Jingang Group and Shanghai Zhentong with a view to contributing capital to North Cement, according to local press reports.

CNBM will contribute about CNY2.81bn into capital of North Cement, with its interest in North Cement increasing to 70% from 55%. Jingang Group will contribute CNY437.5m, with its stake in North Cement reducing to 20% from 45%. Shanghai Zhentong will contribute CNY500m, holding a 10% stake.

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