China National Building Material's (CNBM) 45.2%-owned subsidiary Beijing New Building Material Public Limited Company (BNBM) will acquire a 35% equity interest in Taishan Gypsum Company through a private issuance of 369 million BNBM shares to Taishan Gypsum minority shareholders at US$1.79/share for a total of US$661 m. Upon completion, BNBM will directly and indirectly hold the entire equity interest in Taishan Gypsum. Taishan Gypsum minority shareholders will hold 20.7% of the enlarged issued share capital of BNBM after the private issuance. The equity interest held by CNBM in BNBM will reduce from about 45.2% to 35.84%.
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