BBMG (HKG:2009, SHA:601992) will buy 11.816% of equity interest in Tianjin Building Materials Group from Tianjin Education Development Investment for 979.9 million yuan, a Monday filing with the Hong Exchange said.
The company had won the bid for the equity interest through the public tender process held by the Tianjin Property Rights Exchange and has received the "State Property Rights Transaction Certificate" issued by Tianjin Property Rights for the equity interest.
Upon completion, the company's equity interest in the target company will increase to 66.815% from 55%. The target will remain a subsidiary of the company.
The construction materials producer and property developer's shares were up over 14% on Monday's close.
Price (HKD): $0.80, Change: $+0.10, Percent Change: +14.29%
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