CNBM Unit to Increase Stake in Composite Material Firm

MT Newswires Live10-28

China National Building Material or CNBM (HKG:3323) unit Sinoma Science & Technology agreed to acquire an additional 4.1% stake in Beijing Composite Materials from affiliate CNBM United Investment for 54.4 million yuan, an Oct. 25 bourse filing said.

Following completion, Sinoma Science & Technology will hold around 90.1% equity interest in Beijing Composite Materials, while CNBM United Investment will cease to have any shareholding.

Beijing Composite Materials produces and sells glass steel, composite materials, raw materials, resin, and other products.

CNBM United Investment is a unit of China National Building Material Group, a substantial shareholder of construction materials company China National Building Material.

Shares of the company closed nearly 6% higher on Monday.

Price (HKD): $3.39, Change: $+0.19, Percent Change: +5.94%

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