CNBM moves closer to full integration of 15 listed subsidiaries

CNBM moves closer to full integration of 15 listed subsidiaries
11 October 2017

China National Building Materials Group Corp is moving closer to full integration with talks ongoing to integrate some of CNBM 15 subsidiaries listed both at home and abroad. Among the 15 publicly-traded companies, three are listed overseas.

The move follows the announcement in September of a merger between CNBM Group and China National Materials Group Corp (also known as Sinoma), another state-owned building materials giant. According to a statement jointly released by the two companies early last month, CNBM, which is listed in Hong Kong, will acquire all shares of China National Materials Co Ltd, the Hong Kong-listed arm of China National Materials Group Corp.

The report said that the move is aimed at consolidating and strengthening the core business of each subsidiary, and the cement sector will be one of the priorities. In addition, CNBM Group will put emphasis on expanding business in countries and regions participating in the Belt and Road Initiative.

Also, CNBM will become China's largest nonmetal materials manufacturer, cement equipment and engineering service provider by production capacity, with total assets of more than CNY550bn (US$84.32bn) and 250,000 employees.

Published under Cement News