CNBM pumps an additional RMB 2 billion into Southwest Cement

摘要

The Chinese major, the China National Building Material Co Ltd (CNBM), had set up Southwest Cement Co Ltd at Chengdu, jointly with Shenzhen Jingda Equity Investment Management and others. Lately, CNBM agreed to contribute another RMB 2 billion in addition to its originally agreed contribution of RMB 5 billion, to increase its stake from 50 % to 70 %. The company had contributed RMB 4.13 billion in Southwest Cement and planned to contribute the remaining RMB 870 million, as well as RMB 2 billion of capital contribution rights and obligations in Southwest Cement, which it has now agreed to acquire and assume from Shenzhen Jingda (amounting to a total additional capital contribution of RMB 2.87 billion), reports Chinese Stock Information.