A Frame Agreement on merger and reorganization between NHI and CNBM is signed
December 8th, a signing ceremony between NHI and CNBM was held. Mr. Guo Chaomin, the vice general manger of CNBM and Mr. Wang Xuemin, the general manger of NHI signed the frame agreement on behalf of both parties.
China National Building Materials Group Corporation is a large comprehensive building materials industry group that integrates scientific research, manufacturing and logistics into one entity, and consists of five business platforms, i.e. industry, technology, complete set of equipment, trading & logistics and new type building. CNBM’s total assets exceeded RMB 360 billion, with 180,000 employees, and 17 companies under direct management with 100% share control or majority control, among which 6 were listed companies, including 2 overseas listed.
CNBM will reorganize NHI through increasing capital and enlarge shares, and be the largest shareholder of the new company. After merger and reorganization, CNBM will build NHI to be the manufacturing center of CNBM, realize the industrial upgrading though continuous input, the new company plan to list within 3-5 years and be the large manufacturing enterprise with international competitiveness.?xml:namespace>