BBMG (HKG:2009) and Tianjin Education Development Investment will reduce the registered capital of Tianjin Building Materials Group (Holding) by about 1 billion yuan.
Before the reduction, the company owned 66.816% of the target, with Tianjin Education Development holding 33.184%.
After the capital reduction, BBMG will hold 83.208% of the JV, and Tianjin Education Development will own 16.792%.
According to a Jan. 1 disclosure with the Hong Kong Exchange, Tianjin Building Materials primarily sells building materials.
The transaction will give BBMG absolute control of the target company and increase its board representation, strengthening its influence over key business decisions.
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